An advantage of Cooperations lies in the fact the company’s debts can’t be transferred to individual owners. However, this advantage comes with the requirement that personal assets be separated from those of the company. For instance, using a company credit card to pay off personal expenses or the owner neglects to follow vital LLC rules and guidelines. In case this requirement isn’t met, as in the example above, the courts could “pierce the corporate veil” and hold these people accountable in certain cases. The court will have to look at the circumstances of the business’ debt and take action based on that.