1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Asset Protection and Business Planning Advice Needed

Discussion in 'Business & Tax Advice' started by fatslob, Mar 7, 2010.

  1. fatslob

    fatslob Newbie

    Joined:
    Mar 7, 2010
    Messages:
    3
    Likes Received:
    0
    I run my business in NYC and all the taxes are really hard on me. My business is growing very quickly and I need an intelligent attorney to help me determine how best to protect my assets and reduce taxes as much as possible. I'm probably going to move to either Florida or Texas soon to take advantage of their homestead laws and zero income taxes, but I still need to determine the best way to structure my business, etc. I feel like a ton of people are offering the conventional advice, and maybe it's right, but my experience has been that everyone says one thing but then when things actually go to court something totally different happens and the lawyer says, "What you thought is generally true but not under Circumstance X." So i want correct advice the first time =) If anyone can help, please do.
     
  2. odysseus11

    odysseus11 Registered Member

    Joined:
    May 9, 2007
    Messages:
    63
    Likes Received:
    17
    Occupation:
    self employed!!
    Location:
    US
    what is your specific question tho?
     
  3. fatslob

    fatslob Newbie

    Joined:
    Mar 7, 2010
    Messages:
    3
    Likes Received:
    0
    I would like to be put in touch with an attorney who specializes in asset protection and/or tax reduction for businesses.
     
  4. thebigsicilion

    thebigsicilion Registered Member

    Joined:
    Mar 20, 2010
    Messages:
    58
    Likes Received:
    2
  5. neuromancerx

    neuromancerx Registered Member

    Joined:
    Feb 6, 2010
    Messages:
    55
    Likes Received:
    13
    Location:
    internets
    register corporation in Delaware for $90-400. http://en.wikipedia.org/wiki/Delaware_General_Corporation_Law
    "Delaware charges no income tax on corporations not operating within the state"

    ever notice those late night ads featuring Montel Williams and ilk shilling their wooden freedom nickles and other crap? they're all registered in Liberia/Seychelles/Delaware too to avoid taxes.
     
  6. RuthSam

    RuthSam Jr. VIP Jr. VIP Premium Member

    Joined:
    Mar 19, 2010
    Messages:
    3,344
    Likes Received:
    832
    Gender:
    Male
    Home Page:
  7. bizminder

    bizminder Registered Member

    Joined:
    Mar 16, 2010
    Messages:
    68
    Likes Received:
    3
    If you have invested a lot into your business, then better contact some advisors in companies like KPMG or PWC.They will be able to give you good advise on tax and other legal issues.
     
  8. drdoc

    drdoc Newbie

    Joined:
    Dec 15, 2008
    Messages:
    19
    Likes Received:
    5
    1) tax reduction advice.
    a) you will not significantly reduce your taxes by forming a corporation
    (expense is expense, whether for a sole proprietor or a corp).
    b) some states do not have state taxation, move to FL for example.
    c) what about moving out of the country ? Building your business from the beaches of Venezuela
    for example...(needs to be thought through though, since your investment in your
    off-shore corporation has to be reported and you might be deemed to have received the income
    as dividends even if you haven't).
    2) Asset protection
    The first of course is the incorporation. Then you can put things in all types of trusts, which might not be such a cool idea, since in FL people (claimants) cannot execute in your homestead. So, nobody can touch OJs mansion and the same might apply to you if you put all your money into your house.
    I do not like trusts very much, since they complicate things. The idea with the mansion appeals to me much more, since it is very simple.

    3) RE Delaware incorporation
    INvestors like Delaware because they think that IPOs are easier with a Delaware corp. That is all.
    However, in Delaware, you pay taxes on your corporation, depending on the number of shares you issued. That is an unnecessary expense
    you might be able to avoid in FL (I do not have my FL books around here).
     
    Last edited: Apr 1, 2010
  9. publisher

    publisher Junior Member

    Joined:
    Dec 22, 2009
    Messages:
    162
    Likes Received:
    47
    Occupation:
    Living the Internet Lifestyle Riches Dream!
    Location:
    Online
    Do a search for JJ Childers he has an awesome program on asset protection. Read up on him and you'll see he's the real deal.