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Great response. I'd add that it's worth Googling for "piercing corporate veil LLC", as well.
by wooster 14y ago
Great response.
I'd add that it's worth Googling for "piercing corporate veil LLC", as well.
- tptacek 14y agoThis search will also quickly teach you not to use your company's bank account to buy your groceries or pay your rent; mixing finances is a no-no. The general rule of thumb seems to be: courts want to be sure that the corporation you're operating is bona fide; that is, they want to know that you're not simply using a corporate structure to conduct shady personal business. This doesn't have much of anything to do with whether you're a SMLLC or not (except to the extent that having multiple members makes it harder to use the LLC as a personal piggy bank).