Garrett Sutton - Run Your Own Corporation: How to Legally Operate and Properly Maintain Your Company Into the Future

RUN YOUR OWN CORPORATION

How to Legally Operate and Properly

Maintain Your Company into the Future

GARRETT SUTTON, ESQ.

Ive set up my corporation. Now what do I do?

If you have asked yourself this question, Run Your Own Corporation is the book to answer it. Written in an easy to follow, entertaining and educational format, this is the companion book to Garrett Suttons bestselling Start Your Own Corporation.

Follow the lives of three different couples as they start new companies all the way through their first five years in business. You will see real life examples of mistakes often made by new entrepreneurs, and the consequences of them. You will see these business owners learn, grow, struggle and succeed while learning about taxes, document retention, how to deal with local, state and federal governmental agencies, employee issues, customer recognition, legal matters, trademarks, insurance, business plans, corporate veil protection, stock sales, business credit, annual meetings, IRS audits and more.

Run Your Own Corporation shows you what to do, and what not to do, in very human terms throughout the early stages of your business. Learn from these business owners mistakes and you can save yourself thousands of dollars and many sleepless nights while freeing yourself to worry about what is really important, your business.

Run Your Own Corporation is a must for any entrepreneur who wants to protect their business and see it grow in a sustainable way! Pacific Book Review

Part survival guide, part cautionary tale, a volume in which every aspiring entrepreneur should invest. Kirkus Review

This publication is designed to provide competent and reliable information regarding the subject matter covered. However, it is sold with the understanding that the author and publisher are not engaged in rendering legal, financial, or other professional advice. Laws and practices often vary from state to state and country to country and if legal or other expert assistance is required, the services of a professional should be sought. The author and publisher specifically disclaim any liability that is incurred from the use or application of the contents of this book.

Copyright 2012 by Garrett Sutton, Esq. All rights reserved. Except as permitted under the U.S. Copyright Act of 1976, no part of this publication may be reproduced, distributed, or transmitted in any form or by any means or stored in a database or retrieval system, without the prior written permission of the publisher.

Published by RDA Press

An imprint of BZK Press, LLC

Rich Dad Advisors, B-I Triangle, CASHFLOW Quadrant and other Rich Dad marks are registered trademarks of CASHFLOW Technologies, Inc.

BZK Press LLC

15170 N. Hayden Road

Scottsdale, AZ 85260

480-998-5400

Visit our Web sites: BZKPress.com and RichDadAdvisors.com

First Edition: September, 2012

ISBN: 978-1-937832-42-1

I would like to thank Robert Kiyosaki, Brandi MacLeod, Lyn Millard, Cindie Geddes, Mona Gambetta, Tom Wheelwright, Melvin Jackson and Gerri Detweiler for their assistance in shaping, critiquing, producing and getting this book out.

I would also like to thank my children, Teddy, Emily and Sarah, for their wonderful support and encouragement. Utterances such as Dad, when are you going to finish the book! and Dad, you are way past the deadline on this one! certainly in some way contributed to the enjoyment I experienced in writing this book.

This book, Run Your Own Corporation, is the perfect follow up to Garretts Start Your Own Corporation.

I like this book because I am not an attorney. This book is written for a person like me, an entrepreneur who needs to know how to run my own corporation, legally.

I like this book because Garrett keeps things simple using simple real life stories and real life situations.

This book is important if you are planning on becoming rich...and especially so if you are not rich today.

As the economy changes and the gap between the rich and the rest of the world grows wider, more people will attempt to steal from the rich. This is why this book is important.

Over the years, as I grew wealthier, I was surprised to find out who my real friends were and were not. When the economy split, I was shocked to have a number of friends come after my wealth after they lost their wealth. This is why this book is important.

As I grew wealthier, I found that just having corporate entities was not enough for asset protection. As I grew wealthier, I had to get smarter at running my corporations as well as protecting my wealth. This is why this book is important.

As you grow wealthier, you will need to become better at maintaining your corporate veil, running your business and protecting your assets. Just having basic asset protection is not enough. The thieves of the world are getting smarter. So should you. Master how to keep your corporate veil strong, and a shield against thieves. This is why this book is important.

Robert Kiyosaki

Congratulations. By reading Run Your Own Corporation you are going to learn the strategies the rich have used to maintain and run their corporations, limited liability companies and other limited liability entities to maximum benefit.

Perhaps you have read the first book in this set, Start Your Own Corporation. In that book we illustrated the advantages and strategies for setting up a corporation, limited liability company (LLC) or limited partnership (LP). Now we are going to discuss and review the necessary steps to properly run your entity in order to achieve asset protection, tax benefits and peace of mind.

The book is set up chronologically according to the life of your entity. As we learned in Start Your Own Corporation an entity is a separate legal being chartered by a state government which provides protection for the individual. And so when we refer to entity we mean a corporation, LLC or LP set up for limited liability protection. In some cases we use the term corporation in a way that is applicable to all these entities. We will start with issues to consider before incorporating and then issues to deal with on your first day, first week and so on through the fifth year.

Of course, some of the issues apply from day one and throughout your entitys duration. For example, employee issues and writing contracts apply right along. But we have chosen to include them in the fourth day and first week chapters, respectively, to even out the book. So please dont view the chapter contents as rigid. Much of the information contained throughout the book applies throughout your entitys existence. Or, to put it another way, you will want to read what happens at year one before your first year is up.

In the B.C. (Before Corporation) section, we include a discussion of the always important topic on choosing the right entity. If you have previously read Start Your Own Corporation or already know which entity you will use, feel free to skip over this section. (But please read the three cases as they carry through the book. What happens at the start will affect their endings.)

Running your own corporation, LLC or LP in a manner that protects you on an ongoing basis is one of the smartest (and, as you will learn, easiest) things an entrepreneur can do.