Piercing the Corporate Veil: Protect Your Personal Assets!

That's. That's valuable information. So just explain to the audience what piercing the corporate veil means, because I know what that means, and I feel like I know some stuff because I heard that before, just because I have personal assets. But tell the audience what that means, please.

Okay.

Maybe that camera.

Right. Okay. So this is you, and you have your llc. Can I borrow that cup? Thanks. Your personal assets are going to be over here. Your house, your car, your boat. So if a lawsuit were to happen with your business, they can't touch your personal assets as long as you run the business like it's Walmart. If we are commingling business and personal expenses, if we're taking that business card and getting your hair done, your nails done, if you don't file your LLC annual report and your LLC is now inactive, if you're supposed to have certain licenses, permits, and you don't have them, they're going to pierce the corporate veil, meaning you don't. They're going to act like you don't have an llc. They're going to disregard your llc, so you don't have one. Now they can come get your personal house, car, money in the bank. You don't want that.