My business is currently not a corporation but another business entity. I do not sell good, but non-tangible services and the Internet has always been a companion in my business success.
After hearing Gary Sutton in Robert Kiyosaki’s Investor Workshop in LA whom the former is part of the Rich Dad Advisors who acts as Robert Kiyosaki’s legal advisor whose specialy is corporate law, has expressed the importance of having corporations as business entities for asset protection. Sharon Letcher, also a Rich Dad Advisor and CPA is Rich Dad’s Accountant. And one thing they stressed out is business is a team sport, and get your proper advisors. And some mistakes some people do is to get legal advice from their accountant, or get accounting advice from their lawyer. This is a big no and they said it is best to put them together if the situation calls it.
Last Christmas, I was in the Philippines and while I was at National Bookstore, I saw some Rich Dad Publications, and deicded that I wanted Gary Sutton’s Own Your Own Corporation. Just like the orginal Rich Dad, Poor Dad book, it flows in a way with stories, real life stories, cases while teaching the lessons, and not the boring approach of mostly denifitions then explaining later after all terms are defined. I found this book very very good. I gave me all the reasons why I would want to register a corporation and not any other business entity. And most of the reasons were from the point of view of a lawyer, Gary Sutton, from a legal perspective.
Two nights ago… I decided to attend a seminar by The Learning Annex in San Diego. I attended the How to Setup Your Own Corporation and the speaker was Mr. Jerry Dixon. Mr. Dixon was very, very knowledgeable in what he was discussing on very business entity, advantages and disadvantages. What can be done and what cannot be done, and what others do that is not good doing. I haven’t finished reading Gary Sutton’s book yet but I have read fairly a lot that I already knew some of the stuff being discussed. But the main difference in what Jerry Dixon was teaching, was he was teaching in the view of an accountant. So his focus were on cost, tax obligations, tax expemptions, federal, state and IRS fees, prices and frequency of payments. He also show to us each form and where to file them as well as give many tips on filing and precautions to make the process faster.
In short, Gary Sutton’s book and Jerry Dixon’s Seminar were very good. I feel happy with what I have learned the past week.
Now, my next step is to incorporate. 🙂