Updated over 7 years ago on .
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LLC credit for non LLC purpose
I have an LLC, and my bank is offering a line of credit to my LLC.
Problem is I am buying a property and can't buy it inside of an LLC and would prefer to use a line of credit over using my own cash, but I know that this could be a problem, and potentially make it possible to "pierce the corporate veil" in the unlikely event that I might get sued.
But thinking about it I wondered if it's possible for my LLC to borrow the money, loan it to me, I pay back the LLC, and the LLC pays back the money. (This is a single person LLC.) The question is would this be a legal use, as long as I have proper documentation, or would this be seen as intermingling funds?