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This book reveals how to incorporate a business, to protect your assets from the potential attack of creditors and to save tax. It provides 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.
- Sales Rank: #95068 in Books
- Published on: 2001-10-01
- Original language: English
- Number of items: 1
- Dimensions: 9.00" h x 1.00" w x 6.13" l, .76 pounds
- Binding: Paperback
- 317 pages
About the Author
Garrett Sutton is an Attorney with over 20 years experience in assisting individuals and businesses to determine their corporate structure, limit their liability, protect their assets and achieve their personal and professional goals
From AudioFile
Creating the right type of corporate entity for a business can create enormous advantages for the savvy business-person. In this comprehensive guide, a corporate attorney explains the history and rationale of corporations and all the considerations and decisions that go into starting one. Forming a corporation, selecting board members, administering it within the law, creating tax advantages, hiring, protecting ownership of names and corporate assets, insurance, record-keeping--every part of the process is covered. The program is a listening pleasure in spite of all the technical material and, except for not having a written guide on the package, is a perfect reference audio for the kind of audience targeted by the Rich Dad's Advisors series. T.W. © AudioFile 2003, Portland, Maine-- Copyright © AudioFile, Portland, Maine
Most helpful customer reviews
45 of 46 people found the following review helpful.
Only one-third of this book is useful.
By Aspiring Entrepreneur
Only one-third of the book covers what a typical Rich Dad Poor Dad reader would expect: how to use corporations to protect one's assets. The information in this section is really helpful and interesting, especially for beginners. The author provided great examples to illustrate key points. The writing overall, however, could be improved by having better summaries of each chapter and by defining every new legal term used in the book (for example, the book never defined "indemnification" but it used it frequently).
Another one-third of the book covers how to start a company and take it public (have it listed as a public stock). I don't think any typical Rick Dad Poor Dad reader has this purpose in mind for their businesses or real estate purchases, so this second part of the book is utterly useless and irrelevant to most readers. The last one-third of the book basically lists the laws for incorporation for each state, which is useful, but I'm sure the author could have provided a webpage to list all this information.
Another thing to consider is that this book might be outdated. It was published in 2001, and laws may have changed by now (this review is written in early 2006). For example, the double-taxation policy of dividends was changed after the publication of this book. I think the author might have overcome this by providing updates to important relevant laws through a website or something similar.
For all these reasons, I'd recommend the interested reader to explore other sources first. Unfortunately, I can't recommend other books yet. If there doesn't seem to be any other good sources, then consider reading this book only if you can buy it used or borrow it from the library.
54 of 56 people found the following review helpful.
Good book - ignore the critics
By A Customer
I have read several books on setting up a corporation and still found many useful nuggets of information in here.Garrett Sutton is a legitimate authority and knows what he is talking about unlike some of the other books that are creeping up on the market place today...
5 of 6 people found the following review helpful.
Good step for expanding one's financial literacy
By MISTER SJEM
Fans of Kiyosaki will enjoy this book as it delves into the specifics of setting up and utilizing the benefits of corporations, as well as other legal entities. However, the book is geared mostly towards those who wish to create a corporation.
Within it, the author details the requirements per each state as well as some helpful advice which would take tens of hours to get from various advisors.
Overall, this is a good book. If you wish to know a bit more, check out INC. and GROW RICH! by Robert Allen.
NOTE: if you're going to own real estate, my advisors told me that LLCs and Limited Partnerships are the best vehicles. Corporations tend to get hit with an additional self-employment tax so you don't get the passive cashflow benefits...
I used to think like that and had a dead end day job. Now, I'm making more than ever and, in less than five years, I plan to be financially free.
Good luck to those who keep an open mind.
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