Are ALL Your Assets Protected Properly Going into 2016?

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As the end of another year comes to a close and you are getting ready for your plans for 2016 you may be evaluating are all your assets
properly protected?

lawsuit form with filler and book

Here are many of the common strategies that often turn into costly mistakes (that you may not have considered):

1. All your business ventures in one business. Yes, if you are just starting and testing 3-4 different revenue streams that may be ok in
one entity but if two or three are really taking off, why put all of that in one business entity (other than it is easier). Would you put
all your investments in one stock? Probably not. Why? Too much risk. The same strategy applies to a business (don’t put all your eggs in
one basket).

2. Real estate in your own name (outside your principal residence) even without equity may be a lighting rod for lawsuits, best in a separate
entity. Too much equity from real estate in one LLC.

3. Business with a partner that is in the same entity as your operating business that you own 100%. At the end of the day you make your
partner owner of your main company which may not be what you intended.

4. Holding safe assets or investments outside your retirement plan in your own name/brokerage account or your living trust (remember your
living trust provides ZERO liability protection but protection from probate taxes).

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You have an 87% Chance of Forming the WRONG ENTITY…

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Which entity type gives you the BEST protection for your business and personal assets? Which one helps you pay the lowest legal taxes now and later? Here are the most common options:

1. Sole Proprietorship

2. C Corporation

3. S Corporation

4. Limited Partnership

5. LLC Taxed as a disregarded entity

6. LLC Taxed as an S corporation

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Incorporate Your Independence from Lawsuits, Taxes and Death

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July is a special time of the year. It is a time for family trips, vacation time, seeing relatives and friends, barbecues, swimming, summer concerts and fun at the cabin!

It’s also the month we celebrate our independence and freedom as a country. So this month of July my goal is to help you maximize your independence in your business from:

  • Lawsuits (Separate your personal and business assets and form an LLC or corporation to protect you and your family from devastating unpredictable lawsuits). Avoid the $99 corporations -which is like buying a car without brakes!
  • Taxes (Operate your business as a business, not a hobby, maximize your meals, travel and entertainment expenses and bullet proof your records from an IRS audit).
  • Death (Will you’re loved ones be protected when you pass on? Will all your assets and all you worked for be tied up in the probate courts? Proper estate planning is a must to protect your family’s future).

I’m going to be sharing with you high level strategies, ideas, tools and concepts that will allow your business to achieve its independence and freedom that you deserve.

Also, if you need support during the month of July with forming a complete foundation for your current business or a new business, you will be able to take advance of our July Independence Special Incorporating Offer that will help you and your business celebrate it’s true independence in the month of July and on.

Remember, to put you and your family in the best position to be independent. Even if you are already financially independent, are all your assets protected from attack? If you are building your financial independence every dollar counts in taxes saved, which may be reinvested to help you grow and expand.

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Watch this FIRST, Before Forming an LLC or Corporation

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If you’re looking to form an LLC or corporation you must watch my BRAND NEW training to help you learn the 5 Essential Components of a Complete Business Foundation.

Why is this so important? Here’s what my friend, Attorney Lee Philips, said about businesses that rely on online articles of incorporation as their only form of legal protection:

“We slice through those in 15 minutes in court and go after the individual every time. That piece of paper provides NO protection!”

This is a direct quote from a legal expert who has served as counselor before the Supreme Court and tried many cases representing plaintiffs. His courtroom experience has shown him that most business owners have no clue what complete formation entails.

Over the last 16 years my company, NCP, has helped thousands of entrepreneurs launch with confidence. Our COMPLETE FORMATION PROCESS ensured that they were starting out with more than just a flimsy piece of paper that provided no protection.

Lee’s comments inspired me to take our training to the next level – we want every NCP client to be CLEAR beyond all doubt what it takes to form a complete and secure business foundation. The result is my  BRAND NEW training called, the 5 Essential Components for a Complete Business Foundationand now you get access to it for FREE (for a limited time).

 

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The Top 6 Dangers Lurking Behind Your Business

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In today’s uncertain financial climate, is there any way to be sure your assets are fully protected? Many business owners, and those who may be considering a startup venture, are unaware of hidden risks that can erode or even erase everything they’ve worked for with virtually no warning.

Fortunately, there are simple, practical steps you can take. By having the right protections in place at the right time, you can ensure that your assets and your peace of mind are secure. Here are the top 6 areas where your assets may be exposed:

  1. Operating your business as a sole proprietorship. In addition to paying higher tax rates in most cases, sole proprietorships are targeted by the IRS for audits more than any other business structure. IRS statistics show that sole proprietorships are more likely to understate income and overstate expenses. This is where many get flagged for writing off hobbies as business expenses. This risk will increase with health care reform and an incoming wave of new IRS agents.
  1. Owning safe assets in your own name. Even though they may have nothing to do with your actual business affairs, any asset held in your own name, such as stocks or precious metals, could be tied up (or lost) in a personal lawsuit. It’s a common myth that living trusts or “dba” operating companies can protect the assets or investments you hold in your own name from liability.
  1. Owning intellectual property in your own name. As with safe assets, holding IP in your own name is also a risky strategy. All the time, materials and sweat equity you’ve invested in any system, product or body of work could be taken away from you if it’s exposed to litigation.
  1. Domain names. In today’s internet economy, many entrepreneurs rely on domain names for a substantial portion of their income streams. Even something as random as a liability claim from a car accident could cripple your business if they go after your domain names for recovery. Although it may seem like a simple way to save time and money in the beginning, the worst place to hold domain names is in your own name or in the operating name of your business.
  1. The ownership of your current company. Even having a separate entity like an S or C corporation does not guarantee protection for your assets or investments, unless you have the proper structural details in place. Many “one price fits all” online incorporation services fail to ask important questions that could mean the difference between security and exposure. Certain high revenue and profit LLCs may be at risk also.
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