Social Studies, 24.04.2020 22:04 genyjoannerubiera

In order to obtain limited liability, Tom and Doris properly formed a limited liability company (LLC) to operate their catering business. They sometimes deposited the proceeds from catering jobs into their personal checking accounts, and if they needed to pay personal bills and were short of funds, they used the business account. If creditors of the business cannot get payment for their invoices, will a court order Tom and Doris to pay the creditors using their personal assets?
a. No, because, unlike with corporations, the veil of an LLC cannot be pierced.
b. No, because members of an LLC are protected from personal liability for the company's debts.
c. Yes, because LLC's lose their limited liability when they fail to pay their debts.
d. Yes, the court can pierce the veil of an LLC because Tom and Doris commingled assets.

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In order to obtain limited liability, Tom and Doris properly formed a limited liability company (LLC...

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