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This outstanding UK home business opportunity is already creating wealth and a lifetime of residual income for thousands of people, from all walks of life throughout the UK.
| Rich Dad said: "If you are serious about being rich and keeping your wealth, understanding corporations and other legal structures is an important part of your ongoing financial education." Author: Garrett Sutton, E.S.Q |
Own Your Own Corporation illustrates how to...
Own Your Own Corporation reveals how you, as a private citizen, can take advantage of incorporating yourself and your business. Such a move can not only save you thousands in taxes, but can also save your house and savings and family assets from the potential attack of creditors. The book offers a clear understanding of how legal business systems and traditions have developed over the years and how the structures for running a business have evolved.
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I personally recommend this book
As my first dive into the foundations to owning a corporation and the many
topics covered, I personally recommend this book to develop your greatest
Proper Structural Preparation Pays Off!![]()
Almost everyone will either start-up a new business or invest in one at
some point. Almost all of these investments will be unsuccessful. Most people
will think that they merely have their investment sums at risk. Take the
wrong approach to structuring the investment legally in the U.S., however,
and your whole career and life savings can be at risk. If you carefully
follow this book's advice, none of these investments will cost you anything
more than you planned to lose in the worst case.
When Robert Kiyosaki was a youngster, he loved to read about the early explorers like Columbus and Magellan. His Rich Dad encouraged him to also study those who financed the explorers, to learn about how they managed their risk and reward to expand and protect their wealth. "Don't climb the corporate ladder, why not own the corporate ladder?" was other advice that Rich Dad gave. To do this, Mr. Kiyosaki advises you to "find a good attorney and use him or her as your advisor on this important subject."
Own Your Own Corporation does an excellent job of explaining the various advantages and disadvantages of C and S Corporations, Limited Liability Companies, and Limited Partnerships from the legal perspective of how to save money on taxes and protect yourself from successful attacks on your personal assets. I particularly liked the way that the usual legal gobbledegook was avoided, and the ideas expressed in clear, simple language.
As a lawyer myself, I felt that the work was highly accurate and well presented for a layperson. I was especially impressed with the very long appendix that outlined the legal circumstances in each state. On the other hand, the book makes it clear that you should get some legal and accounting help to make sure that you do things properly.
My complaint about the book comes from the lack of describing the other methods that can be used to protect an individual and a family from liability. Setting up the right business structure is just part of what needs to be done. Other assets need to be protected using other techniques such as trusts, and insurance can also play a helpful role in protecting you from mistakes.
In picking a legal advisor, I will also mention that many perfectly capable practitioners will not be familiar with this particular area of legal practice. So choose well, or you will not necessarily end up with the business structure you need. A good use of this book is to arm you with questions and background knowledge to help you test how current and experienced your potential legal advisor is. In fact, you may need more than one legal advisor to help you set up the optimum structures for your personal assets and your business activities.
Taking time to eliminate risks and taxes in advance is well worth your focus and investment!
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