Single Member LLC 5 Biggest Mistakes

If you own an LLC you have a membership interest in the LLC, and if you are the only person with a membership interest in the LLC you are the sole member or the single member / owner of that LLC. 

That’s why single-member LLCs and multi member LLC’s are different. With a multi member LLC there are two or more people who hold membership interest in that LLC. 

There are things that people don’t know they need to do with LLCs in order to get the legal protection that they offer. And we especially see these mistakes being made with single member LLCs and that’s what we’re gonna to talk about here. 

Why is this important? Because when you set up a single member LLC, the biggest reason someone sets one up is for the liability protection. I mean, when someone sues the business, the person who owns it, the member, doesn’t want some big hairy lawyer prancing into his house and taking his car, his TV, his wife’s jewelry and emptying his bank account right? 

So, when somebody sues an LLC and the judge lets them seize the assets of the LLC members, that’s called piercing the corporate veil...in this case the company veil since it’s an LLC. So, that’s not a happy day. That’s not a cheeseburger kind of day. 

So, you want to prevent that from happening. 

There are five main ways that can happen and that's what we’re going to cover...how to avoid the risk of this happening to you and your LLC.

Webull

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[Passportpax]

Excellent video I have learned so much from the business guy!

[alliesteamc]

It was useful to know you can put in your LLC there will be no regular meetings, I heard that is legal and save a lot of waste of time. Please show documentation for your opinion please.

[RefinedLuxe]

Excellent videos very informative definite sub and like !!

[zubair]

Hi great contents… i have q. What are the tax and other fees involved in Wyoming LLC that non US resident formed..

[thejarjarfamily]

Thanks for the useful info.
Referring to No 5...signing of behalf.
In this case, who is the owner of this LLC? Whose name will be the LLC entity owner of this LLC?

[michaelmalak]

How much does it cost to draft an operating agreement for me as a single member LLC?