Run Your Own Corporation: How to Legally Operate and Properly Maintain Your Company Into the Future by Garrett Sutton, Paperback | Barnes & Noble
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

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by Garrett Sutton
     
 

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The Rich Dad Advisors series of books has sold over 2 million copies worldwide as the how-to content for Rich Dad Poor Dad

Run Your Own Corporation is the companion book to the bestselling Start Your Own Corporation. It follows three teams of entrepreneurs through the ups and downs of their first five years in business. The stories are engaging and filled with

Overview

The Rich Dad Advisors series of books has sold over 2 million copies worldwide as the how-to content for Rich Dad Poor Dad

Run Your Own Corporation is the companion book to the bestselling Start Your Own Corporation. It follows three teams of entrepreneurs through the ups and downs of their first five years in business. The stories are engaging and filled with illustrative lessons for all readers. Throughout, Run Your Own Corporation provides the necessary information to follow all the rules and regulations so that business owners and investors are properly protected from the claims of others.

Run your Own Corporation will teach you to:

Protect your corporate veil from the threat of personal liability

Handle all the payroll and accounting requirements

Deal with government audits and raids

Understand the rules involving employees and independent contractors

Use business deductions for your benefit

Editorial Reviews

From the Publisher

RUN YOUR OWN CORPORATION (Kirkus Book Review November 1, 2012)

Accomplished attorney and author Sutton (Start Your Own Corporation, 2012, etc.) presents a second volume on how to build a well-protected business from the ground up.

If it seems like Sutton is leading a tour through every entrepreneur’s worst nightmare, it’s because the path to running a successful corporation is rife with pitfalls. Founder of Sutton Law Center and a Rich Dad’s Advisor series contributor, Sutton knows what can happen when entrepreneurs ignore proper bookkeeping and other corporate formalities. Hefty tax liabilities, expensive lawsuits and criminal investigations can doom a business. Rather than cower from the dangers, Sutton digs in with an us-versus-them attitude and explains how to build a “corporate veil” that will be difficult for outsiders to penetrate, whether they be sue-happy clients or overzealous creditors. Stuffed with legal concepts but remarkably easy to follow, the book traces the evolution of three fictitious businesses over a five-year period—an engineering firm, a beauty salon and a housesitting venture. These “case studies” illustrate the basics of personal asset protection and legal documentation. Topics include choosing a corporate entity, payroll taxes, annual filings, IRS audits and more. Options are laid out with brutal candor because the consequences can be grave. One imaginary entrepreneur loses $15,000 due to trademark infringement, and another is sentenced to prison following a dubious tax investigation. The narratives can be a bit over-the-top, but it’s forgivable because a skilled attorney will anticipate worst-case scenarios. Sutton casts a wide defensive net, even highlighting the risks posed by social media websites. Government agencies like the IRS and OSHA are viewed with suspicion, and entrepreneurs are urged to rise above bureaucracy by following the rules. Sutton makes no apologies for the tactics used by the wealthy; while he insists readers pay their taxes, he shows ways to legally reduce their liabilities. The timeline of the book is ambitious, since many startups are barely profitable after five years, but Sutton’s strategies can be applied regardless of scope.

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

Kirkus Reviews
Accomplished attorney and author Sutton (Start Your Own Corporation, 2012, etc.) presents a second volume on how to build a well-protected business from the ground up. If it seems like Sutton is leading a tour through every entrepreneur's worst nightmare, it's because the path to running a successful corporation is rife with pitfalls. Founder of Sutton Law Center and a Rich Dad's Advisor series contributor, Sutton knows what can happen when entrepreneurs ignore proper bookkeeping and other corporate formalities. Hefty tax liabilities, expensive lawsuits and criminal investigations can doom a business. Rather than cower from the dangers, Sutton digs in with an us-versus-them attitude and explains how to build a "corporate veil" that will be difficult for outsiders to penetrate, whether they be sue-happy clients or overzealous creditors. Stuffed with legal concepts but remarkably easy to follow, the book traces the evolution of three fictitious businesses over a five-year period--an engineering firm, a beauty salon and a housesitting venture. These "case studies" illustrate the basics of personal asset protection and legal documentation. Topics include choosing a corporate entity, payroll taxes, annual filings, IRS audits and more. Options are laid out with brutal candor because the consequences can be grave. One imaginary entrepreneur loses $15,000 due to trademark infringement, and another is sentenced to prison following a dubious tax investigation. The narratives can be a bit over-the-top, but it's forgivable because a skilled attorney will anticipate worst-case scenarios. Sutton casts a wide defensive net, even highlighting the risks posed by social media websites. Government agencies like the IRS and OSHA are viewed with suspicion, and entrepreneurs are urged to rise above bureaucracy by following the rules. Sutton makes no apologies for the tactics used by the wealthy; while he insists readers pay their taxes, he shows ways to legally reduce their liabilities. The timeline of the book is ambitious, since many startups are barely profitable after five years, but Sutton's strategies can be applied regardless of scope. Part survival guide, part cautionary tale, a volume in which every aspiring entrepreneur should invest.

Product Details

ISBN-13:
9781937832100
Publisher:
RDA Press, LLC
Publication date:
09/18/2012
Pages:
200
Sales rank:
145,094
Product dimensions:
6.00(w) x 8.90(h) x 0.90(d)

What People are saying about this

From the Publisher

RUN YOUR OWN CORPORATION (Kirkus Book Review November 1, 2012)

Accomplished attorney and author Sutton (Start Your Own Corporation, 2012, etc.) presents a second volume on how to build a well-protected business from the ground up.

If it seems like Sutton is leading a tour through every entrepreneur’s worst nightmare, it’s because the path to running a successful corporation is rife with pitfalls. Founder of Sutton Law Center and a Rich Dad’s Advisor series contributor, Sutton knows what can happen when entrepreneurs ignore proper bookkeeping and other corporate formalities. Hefty tax liabilities, expensive lawsuits and criminal investigations can doom a business. Rather than cower from the dangers, Sutton digs in with an us-versus-them attitude and explains how to build a “corporate veil” that will be difficult for outsiders to penetrate, whether they be sue-happy clients or overzealous creditors. Stuffed with legal concepts but remarkably easy to follow, the book traces the evolution of three fictitious businesses over a five-year period—an engineering firm, a beauty salon and a housesitting venture. These “case studies” illustrate the basics of personal asset protection and legal documentation. Topics include choosing a corporate entity, payroll taxes, annual filings, IRS audits and more. Options are laid out with brutal candor because the consequences can be grave. One imaginary entrepreneur loses $15,000 due to trademark infringement, and another is sentenced to prison following a dubious tax investigation. The narratives can be a bit over-the-top, but it’s forgivable because a skilled attorney will anticipate worst-case scenarios. Sutton casts a wide defensive net, even highlighting the risks posed by social media websites. Government agencies like the IRS and OSHA are viewed with suspicion, and entrepreneurs are urged to rise above bureaucracy by following the rules. Sutton makes no apologies for the tactics used by the wealthy; while he insists readers pay their taxes, he shows ways to legally reduce their liabilities. The timeline of the book is ambitious, since many startups are barely profitable after five years, but Sutton’s strategies can be applied regardless of scope.

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

Meet the Author


Garrett Sutton is an attorney, best selling author and one of Robert Kiyosaki’s Rich Dad Advisors. A clear and engaging writer, Garrett demystifies legal topics and presents them in a very understandable and accessible manner.

Garrett has over thirty years experience in assisting individuals and businesses to limit their liability, protect their assets, implement advantageous corporate structures and advance their financial goals.
Garrett is the author of “Start Your Own Corporation,” “Writing Winning Business Plans,” “Buying and Selling a Business” and “The ABC’s of Getting Out of Debt” among other titles.

Garrett is the owner and operator of CorporateDirect.com, which since 1988, has provided affordable asset protection and corporate formation services, as well as resources for entrepreneurs and real estate investors. Robert Kiyosaki, the best selling author of Rich Dad, Poor Dad calls Garrett and Corporate Direct “the premiere source for asset protection strategies.”

Garrett attended Colorado College and the University of California at Berkeley, where he received a B.S. in Business Administration in 1975. He graduated with a J.D. in 1978 from Hastings Law, the University of California’s law school in San Francisco. He has appeared in the Wall Street Journal, the New York Times, and other publications. Garrett enjoys speaking on asset protection strategies and is a frequent lecturer for business groups and the Rich Dad’s Advisors educational series.

Garrett serves on the boards of the American Baseball Foundation, located in Birmingham, Alabama, and the Reno-Nevada based Sierra Kids Foundation.

For more information on Garrett Sutton, please visit his Web sites at www.sutlaw.com, www.corporatedirect.com, and www.successdna.com.

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Run Your Own Corporation: How to Legally Operate and Properly Maintain Your Company Into the Future 5 out of 5 based on 0 ratings. 2 reviews.
Anonymous More than 1 year ago
Pacific_Book_Review More than 1 year ago
Run Your Own Corporation by Garrett Sutton is an extremely well written introductory course on the life of a corporation. Despite your political biases which may inform whether or not you consider a corporation to be a person, Sutton explains that the concept of a corporation as a separate “being” is essential for the business man or woman’s own protection. Sutton spends considerable time hammering home the importance of sustaining the corporate veil, the visible invisible barrier that separates personal assets and business matters. In this book, you will learn the pros and cons of different types of entities (sole proprietorship, general partnership, C corporation, S corporation, limited liability company, limited partnership). You will also learn what you can write off, what deductions you can make and other tools for the setting up and filing your taxes. Any textbook or “how to” book on business must go into the seemingly mundane, but necessary, details which makes for dense, plodding reading. However, author Garrett Sutton structures his advice around three case studies as they make their way through the first few years of a corporation’s existence. These narratives are effective in practically applying corporate decisions and they make what could be an otherwise tedious reading actually quite enjoyable. You will follow the ups and downs of an engineering company, a salon, and a house sitting service, each from business conceptualization and formation to different conclusions. There are clear benefits in going with limited liability because it establishes the corporate veil. And depending on the type of corporation you set up, there are pros and cons to each for filing taxes and managing the corporation between multiple partners. Sutton also devotes some time to the location of your business, not just to find the best market, but for tax purposes. Just as each type of corporation has its own pros and cons, so do different states and their differing tax laws. There is a lot of information that I found enlightening to the point that, after reading this book, establishing a corporation seemed much less daunting. However, forming your own corporation or “entity” will require hard work and attention to detail, so choosing something you’re passionate about is imperative. A crucial detail is the name of your company or the name you will do business as (DBA); it is more important than you would think. In the case history of the salon, Alana and Sherri find that they have to change their name after already establishing their business. This is more than just a tedious obstacle as it comes with substantial fines. Registering, licensing, documenting everything and filing taxes on time are hallmarks of accountability. Attention to detail and formalities such as meeting minutes will save you potential future heartache and, in the spirit of making a profit, will save you money. Bookkeepers, accountants, attorneys, payroll compliance, employee agreements, dealing with OSHA, insurance, buy/sell agreements, potential lawsuits, advertising, networking (including pros and cons of using social media), and succeeding: all important players and scenarios are covered academically but also in real world applications in the case histories. Sutton shows how to work with the system (government and economic limitations and with technical information including examples of documents, contracts and tax forms). In the first narrative,...