24 of 25 people found the following review helpful:
4.0 out of 5 stars
The basics of the business education, August 22, 2008
This review is from: Rich Dad's Advisors: Own Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them (Audio CD)
This book is written by a legal advisor.
Robert T. Kiyosaki did only wrote a foreword, the rest is written entirely by Garrett Sutton, the author of many business books (e.g. how to raise funds, how to write business plans and so on).
Although the book is not aimed to give you professional legal advice, it may be useful for those who do not have a business education, or for non-U.S. persons who would like to understand better the similarities and the differences between the business types in the U.S. and the country of origin of that person
This book gives great background on types of businesses in the U.S.: sole proprietorship, general partnership, limited partnership, S-corporation, C-corporation and the limited liability company (LLC). It also presents the strengths and weaknesses of each type. It also covers basic tax matters related to these types of businesses. It also covers benefits of Wyoming and Nebraska corporations in the income taxes. The book also describes how to open a corporation in a different state to get various benefits.
Another area of the book is devoted to asset protection: how to use corporations and LLCs to protect your property in legal disputes.
Besides describing the steps to create and to run a company, the book also helps you to avoid pitfalls of third-party services of registering a corporation for you.
The structure of corporate management is also covered briefly.
I was listening an audio version of this book, and found it very pleasant. I highly recommend an audio version for you too.
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10 of 10 people found the following review helpful:
5.0 out of 5 stars
Why You Should INC - The Updated Edition, October 29, 2008
This book is an updated and revised edition (the last update was in 2001), and provides some basic and useful information for anyone who wants some clarification about what it means to own your own corporation. Most refreshing is the author's attitude - Garrett Sutton isn't telling people how to cheat the IRS and pay zero income tax, and in fact, he makes it clear that this isn't a book about tax avoidance.
I highly recommend this book to entrepreneurs and others who are interested in starting their own business.
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8 of 8 people found the following review helpful:
4.0 out of 5 stars
Good introduction, August 14, 2009
I have personally set up companies with different structures such as corporations, limited liability companies, and assumed business units. I found this book to be very accurate and simple to read. Different legal structures protect the assets differently, but I will say that there is no structure to protect anyone 100% of the time. If you are doing questionable or illegal activities, the judge will pierce through the protection. So don't think that once you set it up you are protected no matter what.
I really liked the section where the author explained different advantages and disadvantages of various legal structures because they are all different and are not suitable for every situation. I don't think this book will make anyone know enough to set up their own LLC or corporation, but it is a good start. I never used an attorney to do it on my own, but I had to educate myself beyond reading this book; however, it gave me enough knowledge to have an idea of where to start.
- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
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