IANAL, 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 taki

IANAL, 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...