When one thinks of a corporation, the mental image that frequently
comes to mind is of the Fortune 500. These huge, multinational
companies are often associated with either Wall Street or Madison
Avenue. They have an enormous impact on our national and local
economies, and as a result are frequently are blamed by politicians
for many of society's ills. However, the corporation is also the
vehicle through which most significant and positive advances and
discoveries are made that benefit each of us. The presence of a
corporation allows people to do a lot of good that might otherwise go
undone.
Hollywood loves to paint a picture that would have us believe that
for-profit corporations and people associated with them are
inherently evil and motivated solely by avarice and greed.
Politicians and special interest groups sometimes imply that
corporations serve only to abuse employees and raid the world of its
natural resources.
The fact is, the typical corporation is a small company, often owned
by family and friends turned business partners. Business studies have
shown that the owners of these closely held companies often labor
tirelessly at great personal sacrifice in hopes of establishing a
viable, and hopefully profitable business enterprise. Of the millions
of corporations functioning in the United States, an incredibly small
percentage are involved in any type of public trading of shares.
The process of incorporating is deceptively simple, yet can be
incredibly complex. Many small corporations are formed without the
aid of an attorney, accountant or other professional. Most of the
time, lack of professional assistance is of little consequence.
However, there are thousands of horror stories that relay the stark
reality that lack of proper legal guidance can be catastrophic.
This book is not intended to replace the guidance of competent
professionals, but instead attempts to help fill the void between
hopeful entrepreneurs and outside planning professionals. The
contents of this book are based upon the real world experiences of
the author, who is not an attorney, but has worked with thousands of
closely held corporations as a consultant and advisor.
It is hoped that the reader will find the information contained in
this book to be helpful in preparing for meetings with planning
professionals. When the meter is running, it is important to be as
prepared as possible in order to get the most mileage out of the time
spent with your planning advisor.
Because a corporation is governed by statutes that vary from state to
state it is important to verify the viability with your planning
professional of any corporate strategy contained in this book or
elsewhere before they are put into place. While much of the content
of this book has application in any state, the reader will quickly
discover that the author has definite opinions regarding certain
jurisdictions in the United States that provide specific advantages
in their corporate statutes. Those opinions come from hard-earned
experience, working with thousands of closely held corporations from
many different states. These corporate tax havens will be discussed
in detail.
Before going into business, a number of important decisions must be
made about what form of business to use. It is hoped that the
information in this book helps you save money, accomplish your goals
and bury the competition.
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