What are the effects of not having a properly structured business? Your assets are at significant risk! Lawsuits can go after your property, your bank accounts, your business, etc. You and your business are extremely vulnerable. Your business could be foreclosed and your bank account drained dry.
Never hold real estate or businesses in your name. It doesn’t matter what type of business you have. You could have a software company or a deli, it doesn’t matter. Let me repeat – never have a business in your own name.
What do you have to do to start your “own” business? All you have to have is a profit motive. You have to have the intent to make a profit. The tax codes and laws favor people that run their own business. If you have your own business then you can slash your taxes.
The minute you make money your asset columns grow. If you are in business then your next move is to make money again. If you want to build lasting wealth then you can’t have a one shot deal. You have to have the desire to continually make money.
People won’t sue you if you don’t have money. People will wait until you make money. Once they see that you have enough money then they will sue you. So it’s great to make more money, but with more money comes a higher potential to be sued. However, you can thwart these lawsuits if you have the right corporate structuring knowledge.
Think about what you want to do with the money you earn. Do you want to travel? Do you want to buy a boat? Does the way you run your business favor these activities? Don’t forget about taxes. Every week taxes chip away at the money you could use for these activities. If you are employed by a corporation or other business then taxes are automatically taken out of your paycheck. These continual taxes make it more difficult to build lasting wealth.
Also don’t forget about lawsuits. Lawsuits can hit you without notice and grab huge chunks of your money. Your dream vacation can be down the tubes in the blink of an eye. Basically, taxes and lawsuits can make it hard to get ahead financially.
The bottom line is to not have businesses in your own name. Learn the business structure of successful entrepreneurs. They have learned how to protect their assets and run a thriving business.
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