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Own Your Own Corporation
Rich Dad said:
"Don't climb the corporate ladder, why not own
the corporate ladder? The problem with climbing the corporate ladder is that
when you look up, you see somebody's big fat butt above you.
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.
ISBN:
0-446-67861-9
Buy Own Your Own Corporation
Own Your Own
Corporation - Synopsis
This guide 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. Topics ranging from management control and avoiding disputes to
flexibility of decision-making, taxation and start-up funding are all discussed
in a concise, easily accessible manner.
Proper Structural
Preparation Pays Off!, May 6, 2004
Reviewer: Donald Mitchell from a
happy Patriots fan in Boston
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, 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!
Not in the same league as the other Kiyosaki books..., April 30,
2002
Reviewer: A reader from Edinburgh
Garrett Sutton provides
an interesting overview of corporate entities and their particular application
and benefits. It should be noted that this book covers North America only, so
UK readers will not get the maximum benefit. I did feel a little let down by
the fact that 100 of the 300 pages were occupied by State-by-State
incorporation details, and only single paragraphs were devoted to entities such
as holding and service companies. The final nail in the coffin was to be found
in the penultimate paragraph, where Garrett refers to a "Richard Kiyosaki"...
To conclude this is an average book, not of the same breed as the other
Kiyosaki books I have read and enjoyed.
Buy Own Your Own
Corporation |
