Run Your Own Corporation: How to Legally Operate and Properly Maintain Your Company Into the Future Paperback – October 16, 2012
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RUN YOUR OWN CORPORATION (Kirkus Book Review November 1, 2012)
Accomplished attorney and author Sutton (Start Your Own Corporation, 2012, etc.) presents a second volume on how to build a well-protected business from the ground up.
If it seems like Sutton is leading a tour through every entrepreneur’s worst nightmare, it’s because the path to running a successful corporation is rife with pitfalls. Founder of Sutton Law Center and a Rich Dad’s Advisor series contributor, Sutton knows what can happen when entrepreneurs ignore proper bookkeeping and other corporate formalities. Hefty tax liabilities, expensive lawsuits and criminal investigations can doom a business. Rather than cower from the dangers, Sutton digs in with an us-versus-them attitude and explains how to build a corporate veil” that will be difficult for outsiders to penetrate, whether they be sue-happy clients or overzealous creditors. Stuffed with legal concepts but remarkably easy to follow, the book traces the evolution of three fictitious businesses over a five-year periodan engineering firm, a beauty salon and a housesitting venture. These case studies” illustrate the basics of personal asset protection and legal documentation. Topics include choosing a corporate entity, payroll taxes, annual filings, IRS audits and more. Options are laid out with brutal candor because the consequences can be grave. One imaginary entrepreneur loses $15,000 due to trademark infringement, and another is sentenced to prison following a dubious tax investigation. The narratives can be a bit over-the-top, but it’s forgivable because a skilled attorney will anticipate worst-case scenarios. Sutton casts a wide defensive net, even highlighting the risks posed by social media websites. Government agencies like the IRS and OSHA are viewed with suspicion, and entrepreneurs are urged to rise above bureaucracy by following the rules. Sutton makes no apologies for the tactics used by the wealthy; while he insists readers pay their taxes, he shows ways to legally reduce their liabilities. The timeline of the book is ambitious, since many startups are barely profitable after five years, but Sutton’s strategies can be applied regardless of scope.
Part survival guide, part cautionary tale, a volume in which every aspiring entrepreneur should invest.
From the Inside Flap
Perhaps you have read the first book in this set, Start Your Own Corporation. In that book we illustrated the advantages and strategies for setting up a corporation, limited liability company or limited partnership. Now we are going to discuss and review the necessary steps to property run your entity in order to achieve asset protection, tax benefits and peace of mind.
The book is set up chronologically according to the life of your entity. We will start with issues to consider before incorporating andthen issues to deal with on your first day, first week and so on throughout thefifth year.
Of course, some of the issues apply from day one and throughout your entity's duration. For example, employee issues and writing contracts apply right along. But we have chosen to include them in the fourth day and first week chapters, respectively, to even out the book. So please don't view the chapter contents as rigid. Much of the information contained throughout the book applies throughout your entity's existence. Or, to put it another way, you will want to read what happens at year one before your first year is up.
- Publisher : RDA Press, LLC; 2nd edition (October 16, 2012)
- Language: : English
- Paperback : 300 pages
- ISBN-10 : 1937832104
- ISBN-13 : 978-1937832100
- Item Weight : 12 ounces
- Dimensions : 6 x 1.3 x 8.6 inches
- Best Sellers Rank: #569,819 in Books (See Top 100 in Books)
- Customer Reviews:
Top reviews from the United States
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The first 40-50 pages are good review of the different types of Busniesses entities.