For more on singlemember LLCs, watch 'How Do I Pay Myself in a SingleMember LLC?' at • How Do I Pay Myself in a SingleMembe...
Forming a limited liability company can be a great way for business owners to avoid personal liability for the debts and liabilities of the company. However, being the sole member in a singlemember LLC carries with it an enhanced risk of personal liability by creditors piercing the corporate veil and the alter ego doctrine. If the assets and the actions of the LLC are so intertwined that the LLC is merely the "alter ego" of the business owner, creditors may be able to pierce the corporate veil and go after the personal assets of the business owner to satisfy debts of the company.
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