When Your Lawyer Calls to Say…
You’re Being Sued!
Your heart pounds and you stop breathing for a second.
You’re mad. You’re afraid. And you’re asking one question, “Why me?”
After that moment passes, you’ve got to act quick. And that’s when you realize you’re in one of two spots:
(1) You’re ready, or
(2) You’re a target.
What are you going to do if someone decides to sue you?
In today’s email alert, I’m going to talk about the growing trend of lawsuits and what you must do TODAY to protect yourself. A friend of mine who runs a charity just got a notice that she’s being sued. What? Are people crazy these days? Suing a charity! And not just that, she’s getting personally sued as well.
Some people are sue-happy. You have to be ready so you don’t lose everything if this happens.
There are three things you must do now to get prepared:
– Protect your assets w/ the right structure
– Follow corporate formalities from the start
– Keep records up to date
Remember: In the US today, there are more lawyers per capita than any other country. And anybody can sue anyone at anytime for anything. Protect yourself!
Step One: The RIGHT Structure for 2009 & Beyond
Set up the right business structure and you’ll get three things:
– Optimum Asset Protection
– Less Tax
– Maximum Flexibility
Twenty years ago, I’d have told that you need a corporation for your business. Today, I have a different answer. There’s a better solution.
Use a layered structure for optimum asset protection.
A corporation protects your personal assets against a business judgment. But a corporation does NOT protect your business against a personal judgment. You need a 2009 & Beyond Business Structure
Layered structures like the Trust Sandwich™ and LLC Elected Entity will give you asset protection that protects BOTH your personal assets and your business assets.
It’s not how much you make. It’s how much you keep. And that means keeping your assets safe. It’s never been more important. Learn about layered structures to have an up-to-date structure that protects you.
Before I move on to the next two strategy, one more comment on protection. The number of IRS auditors has doubled this year. There will be four times as many next year. They are going to be asking you for exactly the same things that the court would if you’re sued.
Having the right business structure, with the right supporting paperwork, isn’t just something that would be nice to have. In today’s world, it’s absolutely essential.
Step Two: Set the Structures Up Right!
You can do it yourself when it comes to your structures or use one of those cheap, online services (which basically means setting it up yourself).
At a minimum, make sure your LLC has:
Articles of Organization
Issued Member Interests
These are the things you’ll be asked for if you are sued or the IRS conducts an audit.
It’s really tempting to put off creating these documents, especially if you have to pay a lawyer $1,000 or more to write them up for you.
Imagine if you had an easy fill-in-the-blank document that you could complete. Now what if you had the instructions right there so you could walk through the agreements and the template? You could save over $1,000 dollars plus have your business structures set up the right way.
That’s what the Operations Guide to C and S Corporation and the Operations Guide to LLCs and LPs are designed to do. If them, you’ll find a list of the hundreds of forms, checklists and guides that will help you set up and run your LLCs, LPs and corporations so your assets are protected and you’ll legally be able to pay the least amount of tax possible.
Step Three: Keep the Structures Legal and Safe!
Once you’ve got your structures set up, that’s not the end. In fact, if you stop there, you might as well not even have gone through the trouble of setting up the companies.
LLCs and corporations need ongoing maintenance. Miss the annual requirements and everything you own is back at risk.
Here are a few of the things you need to do on an annual basis for your corporation:
• Annual meetings
• Proper notice of annual meeting
• Renewing resident/statutory agent service
• Annual notice
• State tax filing
• IRS tax filing
• Preparing annual minutes
• Gifting ownership (if part of an estate plan)
How would you like to have a checklist that reminded you of your annual requirements? PLUS get templates for the minutes you’ll need!
Choosing, setting up and running the right business structure is critical for a smart and successful business. Face it, if your business works out, you’re going to have tax issues. That means you need to have good solid protection to prove it’s really a business with business deduction.
If your business doesn’t work out, you need good solid protection even more so you get the tax benefit from the loss.
A business turns a loss into cash, but only if there is a provable business behind it.
Protect your business and your investments with the right business structure at the right time. That time is now.
For the next 10 days only, we’ve got an out of this world offer to give you the tools you need to protect your hard earned money:
• Business Structures for 2009 & Beyond. This wildly successful program has practical advice on selecting the right business structure for today’s business and economic climate. Read more about it here.
• Operations Guide for C Corporation and S Corporation. This guidebook has helped thousands of our satisfied clients set up and successfully run their own corporation. Step by step, form by form, you’ll learn how to build your company.
• Operations Guide for LLCs and LPs. The Guide will walk you through the intricacies and choices involved in setting up and running your own LLC and LP. Even if you have years of experience, you’ll appreciate the handy checklists and reminders of what you need to do, and when.
Normally the cost of these invaluable products would be $635 for the physical product shipped to your house. If you got the download, they would be $505.
But that’s not what you’re going to pay if you act in the next 10 days. Act now, and you get ALL three information-packed products and your cost is just:
Immediate download $ 199
Physical products, shipped w/n 2 days $ 299
Please go to the Shopping Page to find out more about these great offers.
You’ll save over $300 and get hours of valuable audio and hundreds of forms, checklists and pages of concise guidance & case studies you can use.
And you’re also going to get one more HUGE benefit. Megan Hughes of Business First Formations is including $100 off any business structure when you invest in this special for the next 10 days.
Business structures should do three things for you:
– Asset Protection
– Tax Savings
– Provide Flexibility
Set up right, that’s exactly what you’ll get. Set up wrong, you could be worse off then if you had the wrong structure.
P.S. Last week I had the privilege of being the keynote speaker at the Texas CEO Summit meeting. No CEO in the room made less than $5 mill per year. Their number one concern? Did they have their business and personal assets adequately protected with the right structures? They knew tax change was coming and they wanted to be ready.
P.P.S. Act now for HUGE discounts PLUS $100 off your next business strucure formation with Megan Hughes of Business First Formations:
Immediate Download copy $199
CDs & CD-Rom shipped to you $299