Hi, I'm Michelle, the owner of The CEO Legal Loft. The CEO Legal Loft simplifies legal compliance for online businesses with easy-to-use contract templates and legal resources.
The email about cereal
Disclaimer: The material in this email is for educational/informational purposes only and does not constitute legal advice. This material is not a substitute for a private, independent consultation with an attorney selected to advise you after a full investigation of the facts and law relevant to your matter, nor does the included information form an attorney-client relationship. Users of this material are advised to do their own due diligence when it comes to making business decisions, and all information, products, and services that have been provided should be independently verified by your own qualified professionals.
For me, there's nothing like a good bowl of cereal.
Give me a glass bowl with Cinnamon Toast Crunch, whole milk, and my metal spoon and I'm in heaven.
But the best part of that bowl of cereal to me, is the cereal milk. Once the cinnamon sugar mixes with the whole milk (as Ron Swanson says "skim milk is water that's lying about being milk"), I'm gulping it down quicker than a college student taking tequila shots.
The thing is if I wanted to separate the cinnamon sugar from the milk, it's nearly impossible to do.
Well in business, when you mix your personal and business assets, most judges feel it is impossible to differentiate these assets so they pierce the corporate veil.
Piercing the corporate veil is when a owners, members, or shareholders of a company are held personally liable and their bank accounts, real and personal property interests, and investments are at risk for paying company debts/damages in a lawsuit.
So I'm sure you're wondering how you can avoid this. Here are the 4 ways to avoid piercing the corporate veil:
- Fraudulent activities to third parties
- Mixing personal and business money
- Undercapitalization of the business
- Not following your operating agreement or bylaws
And there you have it! How to avoid getting your personal assets caught up in your business debts/lawsuits.
Got questions? Please reply back (I love hearing from you), I answer every email. :D
P.S. I’ve been working behind the scenes with some pretty incredible business leaders to bring you something that’s going to be super resourceful your business. I cannot wait to share with you soon… stay tuned!
P.P.S. If you haven't grabbed The CEO Legal Kit, you should! I decided to keep the pay what you want format since it was so successful in my sale last week (min. $45).
Michelle at The CEO Legal Loft
Hi, I'm Michelle, the owner of The CEO Legal Loft. The CEO Legal Loft simplifies legal compliance for online businesses with easy-to-use contract templates and legal resources.
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