2 ms·
In what sense is it not perfect? As long as you don't commit actual fraud, creditors can't "pierce the corporate veil" of an LLC, can they?
by falcor84 2y ago
In what sense is it not perfect? As long as you don't commit actual fraud, creditors can't "pierce the corporate veil" of an LLC, can they?
- bherms 2y agoIt's not technically fraudulent to use your personal bank account, per se. You need to keep great records though. But from what I understand that could be enough to consider the veil pierced. Also need to make sure you don't personally ensure any debts.
- kstrauser 2y agoWhat the sibling said. You also have to be sufficiently business-like in your projects, according to legal advice I got. If you slap an LLC on your obviously hobby project, they might be able to make the case that it wasn’t a legitimate business operation. That is fraud isn’t the only way to pierce the veil, I was told.