3 ms·
Can you elaborate on this? I think perhaps there's a gap between what the structure is "meant to be for" (meant by who?) and what's legal.
by abeppu 5y ago
Can you elaborate on this? I think perhaps there's a gap between what the structure is "meant to be for" (meant by who?) and what's legal.
- Jxl180 5y agoIANAL, but yeah, I’m sure tons of people toe the line or try to use LLCs as their personal piggy bank but I imagine it can come back to bite you if you are taking business tax deductions for personal expenses. I think “influencer” Dan Bilzerian may be in hot water for this (or could be). Every major personal purchase of his is done through his company. https://www.forbes.com/sites/chrisroberts/2020/07/09/dan-bil https://www.forbes.com/sites/chrisroberts/2020/07/09/dan-bil... > According to the suit, the accountants flagged $843,014.06 in company expenses that appeared to be “personal in nature.” These included payments for charges racked up on one of Dan Bilzerian’s credit cards: a half-million dollar yacht rental; a six-figure, two-night trip to London; a $65,000 “Four Elements Guns & Star Wars Set”; a $50,000 bed fame, a $75,000 paint-ball field, an $88,000 vault, “to name a few.” Maybe it’s not illegal per-se and maybe just a bad idea: If owners don't treat the LLC as a separate business, a court might decide that the LLC doesn't really exist and find that its owners are really doing business as individuals who are personally liable for their acts. https://www.nolo.com/legal-encyclopedia/llc-basics-30163.html https://www.nolo.com/legal-encyclopedia/llc-basics-30163.htm...