Finally, keep your business and personal debts separate: Don't use your "small business" credit card for personal expenses, and if you tap your home equity to fund your business, keep records showing where the money went.
And just recently Intuit Corporation released their GoPayment application targeted at small business owners who need to accept credit card payments on the go (I intend to write about this one soon).
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Already armed with a small business card from Capital One, she figured why not use the bank's credit card-processing services, too?
Building wealth is not only about growing your assets, but also reducing your liabilities, be it a mortgage, student loan, car loan, credit card debt, or a small business loan.
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Small businesses that do tend to carry balances may want to consider using cards from Bank of America, the only major credit card company that has voluntarily implemented small-business-friendly protections.
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Despite what you might think, no matter what credit card you use, the liability for your small business purchases falls solely on you.
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In addition, the Federal Reserve and the Treasury have jointly announced a facility that will lend against AAA-rated asset-backed securities collateralized by student loans, auto loans, credit card loans, and loans guaranteed by the Small Business Administration.
Dorsey has an artist friend, a glassblower, whose business was too small to justify the monthly fees and confusing rules and rates of a traditional credit card swipe machine.
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Now, in a survey of more than 600 small business owners and executives, the Ponemon Institute has tried to put a number on the cost of credit card account fraud for those vulnerable targets, comparing the damage with the cost of physical theft by employees or burglars.
But as the government has strengthened regulation of consumer credit cards via the CARD Act, it has shied away from similar changes on the small-business side.
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Among the many protections and stipulations implemented by the new credit card law (CARD Act) are changes that actually make personal credit cards better in many cases for small business owners than business credit cards.
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