Interesting article on LLC property owners

Some of you may have already come across this in your community when dealing with the problem tenants and owners who don't pay assessments (in my board experience, we dealt with both)

https://chicago.suntimes.com/the-watchdogs/2025/09/05/chicago-landlords-renters-property-management-llc

Yup. Our attorney told us there are times when the corporate veil can be pierced, but it can be timely, complicated and costly. We found the house was usually the LLC's only asset which also complicated things.

Most real estate LLCs only have one property as an asset and in most states it is not difficult to figure who the owner is because they self manage, but one LLC can own multiple other LLCs.

Piercing is an action where a court disregards a corporation's limited liability, holding its owners or shareholders personally responsible for the corporation's debts or actions.

Piercing may not be difficult if the owner doesn’t operate the LLC as a separate entity such as banking out of his personal accounts and failing to keep separate records. The court can rule it is a sham.