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Rich Dad's Advisors: Own Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them Paperback – June 26, 2008
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Top Customer Reviews
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.
I highly recommend this book to entrepreneurs and others who are interested in starting their own business.
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
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.Read more ›
Most Recent Customer Reviews
Inspirational and helps you think about money in a new way, but can be difficult for anyone to apply in their own life, no suggestions on how to apply it to your own life.Published 9 months ago by William A
Good starting point. Will help you decide for yourself which corporate framework is right for you.Published 9 months ago by chris moss
I'm getting a lot out of this book but want to warn other readers; the information in this particular volume on charging orders is false. Read morePublished 19 months ago by Sam
Consistent with the "Rich Dad" series of books, this book contains useful advice that is clear, to the point, easy to understand, but not simplistic. It does the job well.Published on June 24, 2014 by Ardene Bontrager
I consider this book a great idea when you decide to open a company. Gave you a variation of the different kind of corporation the benefits from each one and it a rmust have in... Read morePublished on April 3, 2014 by Ivette Ramos Millan
light on details. The author doesn't do a great job explaining for a lay person. Doesn't develop thoughts or ideas well. Read morePublished on December 9, 2013 by Stephen