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on 30 April 2002
Garrett Sutton provides an interesting overview of corporate entities and their particular application and benefits.
It should be noted that this book covers North America only, so UK readers will not get the maximum benefit.
I did feel a little let down by the fact that 100 of the 300 pages were occupied by State-by-State incorporation details, and only single paragraphs were devoted to entities such as holding and service companies.
The final nail in the coffin was to be found in the penultimate paragraph, where Garrett refers to a "Richard Kiyosaki"...
To conclude this is an average book, not of the same breed as the other Kiyosaki books I have read and enjoyed.
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Almost everyone will either start-up a new business or invest in one at some point. Almost all of these investments will be unsuccessful. Most people will think that they merely have their investment sums at risk. Take the wrong approach to structuring the investment legally in the U.S., however, and your whole career and life savings can be at risk. If you carefully follow this book's advice, none of these investments will cost you anything more than you planned to lose in the worst case.
When Robert Kiyosaki was a youngster, he loved to read about the early explorers like Columbus and Magellan. His Rich Dad encouraged him to also study those who financed the explorers, to learn about how they managed their risk and reward to expand and protect their wealth. "Don't climb the corporate ladder, why not own the corporate ladder?" was other advice that Rich Dad gave. To do this, Mr. Kiyosaki advises you to "find a good attorney and use him or her as your advisor on this important subject."
Own Your Own Corporation does an excellent job of explaining the various advantages and disadvantages of C and S Corporations, Limited Liability Companies, and Limited Partnerships from the legal perspective of how to save money on taxes and protect yourself from successful attacks on your personal assets. I particularly liked the way that the usual legal gobbledegook was avoided, and the ideas expressed in clear, simple language.
As a lawyer, I felt that the work was highly accurate and well presented for a layperson. I was especially impressed with the very long appendix that outlined the legal circumstances in each state. On the other hand, the book makes it clear that you should get some legal and accounting help to make sure that you do things properly.
My complaint about the book comes from the lack of describing the other methods that can be used to protect an individual and a family from liability. Setting up the right business structure is just part of what needs to be done. Other assets need to be protected using other techniques such as trusts, and insurance can also play a helpful role in protecting you from mistakes.
In picking a legal advisor, I will also mention that many perfectly capable practitioners will not be familiar with this particular area of legal practice. So choose well, or you will not necessarily end up with the business structure you need. A good use of this book is to arm you with questions and background knowledge to help you test how current and experienced your potential legal advisor is. In fact, you may need more than one legal advisor to help you set up the optimum structures for your personal assets and your business activities.
Taking time to eliminate risks and taxes in advance is well worth your focus and investment!
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on 6 September 2015
Loved it showed how to protect your wealth and make yourself richer paying less in taxes. It
shifted and made me see that a corporation is not a big building but a legal file in an atrourney office. Yet so powerful! Great book into the world of the rich
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on 3 February 2017
Good read
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