A lawyer set up an LLC for a developer friend's Indiana real estate project. Mixing personal and business funds can pierce the corporate veil and expose you to personal liability, so keep them separate.
created an LLC last night for my friend who's a developer. He called me, he's working on a development in Indiana, and he's like, I don't know how to— he's a lawyer, but he's like, I need help, like, we got to do LLC right now because we're gonna— we're— they're working on development. So this is all like coming full circle. And he was telling me, he's like, we need an LLC for every project. And I was like, this isn't making any sense, and now you're talking about this. But we got the LLC done, and so I'm really happy that I'm hearing about like not commingling the funds and piercing, because I'm on the back end supporting. And I feel like he's pretty savvy, but I want to make sure that I'm not tied into any of that stuff too.
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