I thought there was some kind of separation between ownership and management in an llc? Like, the company is its own entity, it makes its own decisions, and it

I thought there was some kind of separation between ownership and management in an llc? Like, the company is its own entity, it makes its own decisions, and it can borrow money by itself. And then the individual shareholders are not liable for the company’s debts. But you’re saying that the sole shareholder can also be the management? I guess in that case it’s really up to the bank or brokerage to have enough sense to not lend your llc money if the business plan is to fly to Vegas and put it all on red..