Customer Reviews

Rich Dad's Advisors: Own Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

5 star:		(7)
4 star:		(5)
3 star:		(1)
2 star:		(0)
1 star:		(0)

 

 

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.

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.

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

The book of the week was another from the Rich Dad Series, Own Your Own Corporation by Garrett Sutton. This book has a simple purpose, to inform the reader the differences between the most popular forms of corporations and how to get them off the ground. If you read my blog about the book Rich Dad, Poor Dad by Robert Kiyosaki, you would understand the benefits of starting your own corporation. I suggest you read it if you haven't already.

Sutton makes it very clear not to start a sole proprietorship and general partnership. These two entities offer no personal protection. The good types of corporations are C corporations, S corporations, Limited Liability Companies, and Limited Partnerships. Each of the "good types" offer great asset protection, which means, if your company gets sued your personal assets are safe. You will only be risking the assets that are in the corporation's name.

The book also shows the benefits of starting a corporation in Nevada. In Nevada, you will save money on taxes, maintain privacy, and maximize asset protection strategies. Sutton does a great job of sorting through the details of each portion of the book. From the start-up process to coming up with money, he does a great job of explaining the ins and outs. However, he does make it very clear that this book is not to be a substitution for legal advice and that if you are to go through the process you need to get a lawyer. He even suggests interviewing a few lawyers and picking the one that seems to have you and your company's best interests in mind. This lawyer is going to be on your "team" and as Robert Kiyosaki says "Business and Investing are team sports."

I think this book was really good for someone that has intentions of starting up a company. If you don't have this goal in mind, I wouldn't worry about picking it up. Read Rich Dad, Poor Dad first, and see if starting your own corporation is really for you. This gives you the jump start you need if you want to live like the "rich" do i.e. not pay taxes and having self sustaining cash machines in your life. I think that having this in your life is the best way to retire truly wealthy.

Sutton's book is very detailed and it's a lot of information to take it, which is good if you are going to keep up with all the legalese your lawyer may throw at you. I am a big advocate of having background information on any subject I might need help with. Whether it is law or accounting, you'll spend a lot less money on your advisers if you go strapped with knowledge. If you have any questions on the book don't hesitate to ask. I would be more than happy to help anyone that wants it.

Interested at seeing more of my reviews... check out my blog [...]

As a fan of the Rich Dad philosophy, this book is an absolute must-read for anya spiring entrepreneur wanting to own and run one's own company. Rich Dad's Advisor Garrett Sutton lays out the entire process of creating an entity and protecting and separating one's business and personal assets from liability in the process (which, in our ambulance-chasing, lawsuit-happy society, is absolutely crucial). The author explains the different entity types (S Corp, C Corp, Limited Liability Company, and Limited Partnership), the advantages and disadvantages of each, how to raise money to help get your company off the ground, what entities one should absolutely avoid and why, and the importance of consulting appropriate legal, tax and financial counsel to determine which particular entity is right for one's specific situation.

This books doesn't use any technical legal jargon (which is good for me), explaining everything in laymen's terms. Before even considering starting your own business, it would behoove you to read this book... and take notes!

This is a good book to read on a plane - not too involved and mildly entertaining. It gives you an attorney's overview of what you need to know about starting a business. Don't expect this to be the only book you'll need to read, but do expect to get a lot of helpful advice. One of the better pieces of advice is to not try to do it alone. SCORE is helpful for this. The author would like you to use his company's services to form a Nevata Corporation, but you weren't really expecting an attorney to be completely altruistic, were you?

One of the best books I read. It will prepare me for the cold world out there when I build my company. Thank you Mr. Sutton.

This helped me determine the best type of corporation for my type of business. Everything I needed to know was answered and I was able to write my own incorporating paperwork and save big time. I've listened over and over. Very interesting!

Great Read and a MUST read for new and young entrepreneurs.
A great read to open your mind to the legal world of business. Just enough jargon to help you learn the lingo but not to much as to confuse you. Definitely a must read before you "start" you business and choose the type of entity best for your goals. Also a good re-read while things are coming together with your business and a good reference to keep your business growing and running smoothly. Let's face it, we don't all have time to go to law school to learn all the facets of the business legal system. Garrett Sutton does a phenomenal job skimming the surface to get you on the right track with your legal professionals.

Good but not perfect... I missed a chapter on how holdings, principal and subsidiary companies are organized in legal terms.
Anyway I recommended it.

Mauricio Souci, Chile