Separate names with a comma.
Discussion in 'Men's Economics' started by rugerjitsu, May 30, 2016.
it has nothing to do with credit scores it is personal liability protection.
There are many reasons, not simply liability, but that is definitely one reason for a corporation.
simlply liability ? their is no such thing, their is nothing simple about liability, you can get personally sued, they can take your house your car your guns anything you own if your not incorporated, if you are incorporated then they can only sue the corporation, as far as taxes go you can pay them now or pay then later but you will pay them.
its like depreciating you buildings sure you get a tax break at the time but when you liquidate your asset you have to recapture your depreciation at a rate of %44 alot more than the measly %16 you pay in capitol gains. the only people that aren't incorporated are either fools or they don't have any assets to worry about.
Ok, lets try the short snippet approach...
Just because you incorporate does not mean you are protected from liability.
Maintenance of that new entity has to occur and be documented for protection to be maintained.
it means that the corporation can be sued but not to personally.
I've been wanting to do this myself. I'm from USA. I know a few people who also do it. But I just haven't learned enough about it to make a decision. I have to make a meeting with a mortgage broker and figure everything out. The article really helped though. Thanks!