Legal Question in Business Law in Tennessee

Financial institutions typically require an individual to guarantee the debt when issuing a credit card to be used by a limited liability company - so based upon the facts you share, you either obtained the card individually or guaranteed repayment of the debt individually, which is why the debt is reflected in your individual credit report. You must discuss this situation with the institution (bank) that issued the credit card - the institution must agree to release you from individual obligation. This is the only way you can be released from this particular debt, because your contract (terms of issuing the credit) is with the financial institution.

The LLC structure generally limits you from personal liability for actions (including debts) of the LLC, but not if you personally guarantee the debt or if the debt is actually in your individual name. The key factor here is whether you are named individually as a guarantor - even if funds obtained on credit are used for LLC purposes, the debt incurred is your individual obligation if you personally guaranteed repayment of the debt.

If your investment in the LLC is greater than that of other members, you can propose that the operating agreement be amended to reflect this difference - your percentage of membership can be increased appropriately. Likewise, the agreement can specify that profits are paid to members based upon membership percentage, which would entitle you to a greater share of profits paid from the LLC's business - since you've invested more, you then get a greater share of profits.