While LLC members enjoy limited personal liability for many of their business transactions, this protection is not absolute. This drawback is not unique to LLCs, the same exceptions apply to corporations. An LLC member can be held personally liable if he or she:
This last exception is the most important. If members do not treat the LLC as a separate business, a court might decide that the LLC doesn't really exist and find that its owners are really doing business as individuals who are personally liable for their acts. To keep this from happening, make sure you and your co-members:
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