Regardless of the size of your business, if you’re a sole proprietor or a simple partnership you and your business are legally the one and the same. This means if your business ever becomes liable for damages or excessive taxes, you could be held personally liable as well… putting all your assets at risk. But it doesn’t have to be that way.
You can protect yourself and your assets using simple, cost-effective strategies such as LLC Formation (Limited Liability Company) or other Business Incorporation methods, and create a wall of protection around you, your business and your family.
By simply incorporating the proper structures around your business and personal assets, the courts and the IRS will recognize your business as a separate entity from you… it becomes its own legal “being.” There are many different types of entities and combinations to choose from… Here are just a few:
There are many others, but what’s important is to recognize the value of mixing and matching the ones that give you the most asset protection, tax savings and other benefits for your particular needs. There are literally hundreds of reasons every business should form strong legal structures or entities around itself. All you have to do is consider your house, your car, your boat, your savings, your children’s college fund all being awarded to some deadbeat who decides to sue you, and you have enough reason to protect those assets as soon as you can!
Your Entity Solution, LLC has established over 6,500 LLCs and Corporations for our clients in all 50 states and D.C. (Dec. 2011)
Your Entity Solution are absolute professionals, they take excellent care of both my personal and corporate business. I highly recommend them to everyone in need of their services.
The team at Your Entity Solution are a dream come true. Recently I was in need of an entity while packaging a real estate opportunity for several investors. Their guidance was right on target; the structure of our entity is going give us tax benefits I hadn’t even considered; the structure of our entity is going give us tax benefits I hadn’t even considered. I recommend Your Entity Solution every chance I get.
I’ve known and worked with Gary and Wendy since early 2006. I currently have 7 entities that I have established through Your Entity Solution, LLC. Their customer service, professionalism, expertise and willingness to help keeps me coming back time and time again. My businesses have grown over the course of the last 5 years and Gary and Wendy and YES have been there to advise me every step of the way. They are key members of my success team and have contributed to our growth. I’m thankful that I found them and made them a core part of my team. Thanks Gary and Wendy!!
You Have More At Risk Than you Think!
Not incorporating is like going into battle everyday stark naked when you could easily be protected by full body armor.
You may have seen the provocative title we chose for our Confidential Client Brief:
“Armored Or Naked, You Decide!” We admit, the title is meant to get your attention. But this is no laughing matter: Not having the right asset protection or liability protection is like taking off body armor on the battlefield.
There are many others, but what’s important is to recognize the value of mixing and matching the ones that give you the most asset protection, tax savings and other benefits for your particular needs.
“Recently I was in need of an entity while packaging a real estate opportunity for several investors. [Your Entity Solution, LLC] gave me several options to consider and offered suggestions on how to structure this new partnership. Their guidance was right on target; the structure of our entity is going give us tax benefits I hadn’t even considered. Wendy and Gary, you really know your stuff. I recommend Your Entity Solution every chance I get.” — Steve Tovani, Business Owner, Entrepreneur
“There are literally hundreds of reasons every business should form strong legal structures or entities around itself. All you have to do is consider your house, your car, your boat, your savings, your children’s college fund all being awarded to some deadbeat who decides to sue you, and you have enough reason to protect those assets as soon as you can!
LIVING EXAMPLES: The below stories sheds light on mistakes you do not want to make!
We’ve all heard stories of our troops being sent into harm’s way, without the proper armor to protect them. Yet everyday, millions of business owners open the doors to their business without even the most basic and affordable asset protection to protect themselves and their families from the vultures of society.
America is lawsuit crazy. 1 in 5 people will be sued this year, many by litigants seeking their own “Jury Jackpot!” Teachers get sued for failing poor students and schools get sued for expelling troublemakers. Cities get sued when kids get hurt in softball games at city parks or people walk in front of cars and get hurt on public streets. Coaches are sued for not choosing someone’s kid for the team, and businesses are sued by their own shoplifters for emotional distress. People sue for injuries that are their own fault, where no one is to blame, and for reasons completely frivolous and bogus.
Think you’re immune? Think again!
The minute you put out your “Open For Business” sign you’re a target. If you have a sole proprietorship or a simple partnership, anyone who goes after your business has every legal right to go after your personal assets as well, including your home, your car and your life savings. And if you’re sued personally (instead of your business) – say your daughter is involved in a car accident – everything in your business is equally up for grabs. Game over. You lose IF you’re not insulated by having the right entities in place ahead of time.
Juries award vast sums on cases like this every day. In our Confidential Client Brief “Armored Or Naked, You Decide!” you’ll read a tragic real-world story that happened to an honest family who literally lost everything through no fault of their own… all part of the “Joy of Teenagers!” Ever hear of Stella Liebeck? Sure you have! In 1992, 79-year old Stella drove off from a local McDonald’s with her cup of hot coffee between her knees. She spilt the coffee and burned herself, sued McDonald’s and was awarded $2.9 million in damages. In fact, there’s a whole website dedicated to giving out “Stella Awards” to all sorts of wild, outrageous, or ridiculous lawsuits… and there are plenty to go around!
We can all laugh at the insanity of these, but according to the US Federal News, the “lawsuit tax” we all pay as taxpayers in the U.S. to handle all these hundreds of thousands of cases is almost $1000 a year. America already has more attorneys than any other country, and new law schools are being opened all over the country to handle the demand for even more attorneys. In spite of this, according to the U.S. Chamber of Commerce, fewer than 30% of business owners have ANY layer of legal protection at all… that means over 18 MILLION businesses are fair game.
It’s not just that people are suing for anything and everything… juries are awarding settlements that are nothing short of insane:
The ONLY thing you can safely assume is that every asset you own is on the line
Even if you don’t own a business and get sued as a private individual (say, a delivery man slips in your driveway or the kid mowing your lawn cuts his foot), everything you have is still up for grabs IF you – as an individual – don’t have the proper legal structures in place to prevent it. You do NOT have to have a business to get strong asset protection, tax savings and guarantee your privacy!
Here Are FIVE Reasons Why This Is True (and there are lots more):
If you own a business and DON’T have the right business structures in place…
Sure, but how does incorporating change any of that?
Simple. By having the right legal structures in place, your personal assets are separate from your business assets. That immediately changes the number in your favor. The fact is, many cases are pulled or settled well before they reach a courtroom, simply because the litigant’s attorney has decided it’s pointless to pursue you:
a) If they can’t easily discover your available assets and tie them into the case, they’d often rather settle out of court. You save money, and more importantly time.
b) Since most lawsuits are handled on a “contingency” (the legal word for commission) basis, the attorney has to pay for everything leading up to and including the trial. If she feels there’s not enough there to make it worth her while, the litigant’s only option is to come out of pocket themselves… and that’s enough to cause most freeloaders and golddiggers to back off!
“The folks at YES Business Solutions really know their stuff. They marry your business strategy and tax strategy with the appropriate entity to meet your specific needs. They stay current on state and federal case law on entities so that knowledge also gets incorporated into your planning. To boot, the quality of service is truly world-class”. — Deniz Tunc, San Francisco
These are only a few of the reasons people take the time and effort to protect themselves with the armor of business entities. There are as many reasons as there are people and types of businesses.
Our Complementary Briefing Paper, “Armored Or Naked, You Decide,” lists some of the highest risk types of businesses that need to create an entity structure. As an entrepreneur you simply cannot afford to be unprotected, regardless of your business. Take the time, sit down, spend a few minutes and read through this simple, straightforward briefing.
Regardless of where you’re at in your business, how much you have (or think you have), or how big or small your business may be…YES Business Solutions can guide you through everything you need to know to create your entities and business structures you need to protect yourself from the deadbeats and vultures who want what you have. Your first step should be to…
It’s absolutely essential to read this briefing paper if you fall into any of these categories…
In our Complementary Confidential Client Brief, “Armored Or Naked, You Decide”, we cover situations like these and give you specific direction and tools to eliminate the uncertainty and begin protecting yourself, your family and your assets.
One Warning: Just reading this Confidential Brief will open your eyes and answer most of your questions. It will give you specific steps to take and the tools to get this level of protection for yourself. However, reading and understanding the importance of entities and asset protection will do NOTHING UNTIL you take action and begin to implement these strategies in your own life and business. Make the decision to take your financial future into your own hands, and create the appropriate asset protection structures as soon as possible. Remember, these have to be established IN ADVANCE of any lawsuit or tax issue!
Your First Step: Get The Brief!
Why Come to YES Business Solutions? Read what others say:
“I’ve known and worked with Gary and Wendy since early 2006. I currently have 7 entities that I have established through Your Entity Solution. Their customer service, professionalism, expertise and willingness to help keeps me coming back time and time again. My businesses have grown over the course of the last 5 years and Gary and Wendy and YES have been there to advise me every step of the way. They are key members of my success team and have contributed to our growth. I’m thankful that I found them and made them a core part of my team. Thanks Gary and Wendy!!
International Land Developer