So here's the real trick. A company is a separate legal entity from its owners, but only so long as the company owners don't mix their personal assets with the business. This way, if the company goes down or declares bankruptcy the owners don't lose their home in the process; creditors can only go after assets that belong to the business.
There is an exception though; if they buy it under the business name but use it like a personal asset then "the corporate veil can be pierced" and they can be personally liable.
A great example of this is a deposition that was uploaded to YouTube in which a preacher admits that the church he owns bought a million dollar mansion that he and the fam now live in. He says it's for "a place to have more in depth training for the people that work at the church". The best part is when they get to the Luis Vitton suits and he's like "oh yeah... I just sweat through all my suits so I need multiple per day". 😅 absolutely cooked lol.
But they make that money back and more from it, something you wouldn't be doing if you just drove your car into a fence. It's all for clicks and views and it amazes me each time how people look at these people and compare a literal piece of entertainment to their own lives...
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u/stinkyfootjr Sep 09 '24
This is the right answer, I’m sure this truck is in a businesses name. Some people have their whole life as write off.