Depending on your business structure, the card provider will require a specific liability arrangement:
- Individual liability for a sole trader.The sole trader is personally responsible for repayment of the debt, including any debt incurred on supplementary cards issued to employees.
- Joint and several liability for a partnership. The business partners are jointly responsible for the debt, but each of them could also be held responsible for the total debt.
- Corporate liability: For an incorporated business, the card account is usually held in the name of the company. The company has liability for the debt.
