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Good luck telling the judge your single person LLC with no investors shouldn't be pierced to pay debts incurred by its only owner and only employee.
by lonelappde 7y ago
Good luck telling the judge your single person LLC with no investors shouldn't be pierced to pay debts incurred by its only owner and only employee.
- Terretta 7y agoWorks fine if you didn’t co-mingle personal usage of the business accounts.
- freehunter 7y agoThis VERY heavily depends on your state and I'm sure a lot of other factors. Years ago when I set up my single-member LLC my lawyer was quick to point out a thousand ways the LLC would be useless in court. Mingling bank accounts was only one of them. The IRS, for what it's worth, treats a single-member LLC as a sole proprietorship and all losses/gains are considered personal income. As always, check your state laws and consult a real, in-person lawyer.