Your LLC Isn't Protecting You if You Do These 5 Things

You might think setting up an LLC for your gym is enough—but it might not be.

In fact, you might be doing five things—accidentally or on purpose—that severely limit your corporation's ability to protect you.

For example, if you use your corporation's bank account as your personal piggy bank, you'll find yourself personally vulnerable in the event of a lawsuit. No operating agreement? No protection. Cut corners with paperwork? You're at risk.

But you can prevent the ability of litigators to "pierce the corporate veil" by following Matthew Becker's advice. Becker is the owner of Gymlawyers.com and Industrial Athletics in Pittsburgh, Pennsylvania. In this video, he details the five ways gym owners kneecap their corporations and increase their personal risk.

Watch, then take Matthew's recommended steps to protect yourself and your business.

Links

Gymlawyers.com

Gym Owners United

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1:57 - What is an LLC and what does it do for gym owners?

4:07 - Operating agreements

7:22 - Distributions

10:42 - Taxes

12:18 - Commingled funds

14:40 - Lack of formality

18:56 - Recap