I’ve read that if you have a limited liab. comp. with just yourself and something was to happen you are still liable intead of the llc and everything you own (personally) is on the line.If its you and a partner then is the llc that’s liable. Is this true or am I just reading the wrong book. Thanks for any advise
you’re reading the wrong book.
all states (that I know of) allow single member LLC’s. If there is no legal difference, why do the states offer them?
Anyway, the #1 rule is to run the LLC like a business: don’t commingle funds, written documentation, no owner “draws”, etc. The veil is pierced not because there’s only one member, but because the entity is operated as an “alter ego” rather than a seperate business.
Thanks so much mark.God bless