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Business & farm
@izzytreeves wrote:
If i claim profit and loss on our personal returns will it effect our assets if someone were to sue my llc in the future?
You need to consult, in person, with an attorney if you want accurate legal advice that is tailored to your particular fact pattern.
You might also want to consult with an insurance agent regarding a liability policy for your business and, perhaps, an umbrella policy for you personally.
Finally, it is almost always a wise practice to separate business assets from personal assets (e.g., vehicles, bank accounts, cash/checking, et al).
‎August 6, 2020
10:38 AM