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1. The Benefits of Corporate Protection for Your Business
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The Benefits of Corporate Protection Are you protected? Are your assets segregated? Are you saving on taxes? All of these questions can be answered “Yes” when you use the right mix of protective entities – corporations and LLCs. As you probably know – doing business in your own name as a sole proprietor (or worse yet, as a general partnership) offers no asset protection. One claim and everything you own – not only your business assets but your personal assets as well – are exposed. Using corporations and LLCs can protect your personal assets from creditor claims. And provide you with peace of mind. The right use of entities can also save you on taxes, particularly on payroll taxes. Work with a good CPA and you will see the savings immediately. And remember, sole proprietors are audited at a five times greater rate than corporations and LLCs. You can also use more than one entity for even greater protection. If your business is a corporation you may want to set up a separate LLC to hold your equipment. By segregating assets greater asset protection is gained. For example, if your business corporation gets sued a judgment creditor could reach inside the business. But what if the valuable assets – the equipment, the trademarks and the machinery – were in separate LLCs and leased back to the corporation? The answer is that those assets are not owned by the corporation.
They are beyond the creditor’s reach. About the Author Garrett Sutton is a corporate attorney advising small business owners. Several years ago, one of his new clients was an entrepreneur with a vision for teaching financial success strategies. That client, Robert Kiyosaki, went on to write the mega best-selling book, Rich Dad Poor Dad. As one of only three Rich Dad Advisors, Garrett teaches corporate formation and business finance strategies to thousands of new business owners each year and has been a featured speaker on the phenomenally successful Rich Dad speaking tour. He has written several books, including several in the Rich Dad series such as Own Your Own Corporation and How to Buy and Sell a Business. He also hosts the Entrepreneur magazine Law and Money Show, a national weekly radio show. His firm provides asset protection and business-building services to thousands of clients around the country, and internationally.
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Want to see more articles like this one? Visit our website and click on "learn more" from the home page - you'll find our past issues of Blue Chip Tips archived there for your reading enjoyment. Want to use this article in YOUR eZine or business publication? You can, as long as you include this complete blurb with it: Online entrepreneur Caroline Melberg, "the Blue Chip Marketing Guru" publishes the popular "Blue Chip Tips" bi-weekly eZine. If you're ready to jump-start your marketing, increase your sales and ignite your speed to market by learning "insider" Blue Chip Marketing secrets, get your FREE tips now at www.melberg.com. Caroline Melberg • Melberg Marketing • caroline@melberg.com
• 952-473-1007 • www.melberg.com
2. Blue Chip Quip: "People often say that motivation doesn't last. Well, neither does bathing - that's why we recommend it daily!" -Zig Ziglar
3. Questions and Feedback Have a Blue Chip Marketing question, problem or idea to share?
Send it to us at: bluechiptips@melberg.com
We'd LOVE to hear from you!
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That's it for this edition of Blue Chip Tips. Look for your next issue on June 7th. Until then, Happy Marketing! Caroline Melberg © 2007 Caroline Melberg 952-473-1007 |
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Entrepreneur and outdoor photography adventurer Caroline Melberg is President and CEO of Melberg Marketing, Inc., a full-service Virtual Marketing Communications Agency. She has over 20 years of experience creating marketing communications materials and affiliate program materials for some of the largest and most successful companies in the world including AT&T, AT&T Wireless, IBM, McDonald's, Exide Technologies, Motorola and Northwest Airlines. Her bi-weekly column, Blue Chip Marketing Secrets
is syndicated online, and she publishes the popular eZine, Blue
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