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“When holding an asset, as a general rule you will be better protected using an LLC instead of a corporation.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“In a C corporation, the profits are taxed at the corporate level and then taxed again when a dividend is paid to the shareholder.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“you must file annual reports and pay an annual fee to your state.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“Prepare or Have an Advisor Prepare Separate Tax Returns.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“if an LLC had not been used the result would have been much worse.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“On an annual basis you are essentially paying the extra cost of maintaining a Nevada corporationâ€�$325 to the Nevada secretary of state and $125 (or so) for a resident agent in Nevada.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“The more road blocks the better.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“Our financial, tax, and legal systems are set up to reward property owners”
― Garrett Sutton, Loopholes of Real Estate: Secrets of Successful Real Estate Investing (Rich Dad's Advisors

“tax laws allow you to offset your earned income by up to $25,000 in passive losses from real estate, as long as your adjusted gross income is below $100,000.”
― Garrett Sutton, Loopholes of Real Estate: Secrets of Successful Real Estate Investing (Rich Dad's Advisors

“Brendan makes $200,000 a year in his pool cleaning business. As a single-member LLC, he would pay over $18,000 in payroll taxes on the entire $200,000 profit. If Brendan used an S corporation and paid himself a $72,000 a year salary and flowed the rest through as profits without payroll taxes, his payroll taxes would be $11,000 per year. As such, Brendan could save $7,000 a year, year in and year out, by using an S corporation over an LLC. Who says choice of entity isn’t important?”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“unlike a corporation, real estate, intellectual property as well as stocks and bonds in a brokerage account can be transferred in and out of an LLC at their basis, thus incurring no taxation.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“And above all, work smarter instead of harder.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“States require that a resident agent be designated.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“What does California think of this? They will assert that the Wyoming business is doing business in California and thus must pay all state taxes, including the notorious $800 annual franchise fee. If you live in California know that you will have to do a lot more planning (and may have to pay more in state taxes) when using these strategies.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“Break-even = fixed expenses + (1- variable expenses / sales)”
― Garrett Sutton, Writing Winning Business Plans: How to Prepare a Business Plan that Investors Will Want to Read and Invest In (Rich Dad's Advisors

“Own nothing and control everything.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“one of the most significant benefits of the LLC, and a key reason for its existence, is the fact that the IRS recognizes it as a pass-through tax entity. All of the profits and losses of the business flow through the LLC without tax. They flow through to the business owner’s tax return and are dealt with at the individual level.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“By contrast, limited liability companies, limited partnerships, and corporations offer much greater protection.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“To obtain such protection it is important to sign any agreement as an officer of the LLC. By signing an agreement “Joe Doeâ€� without adding “Manager, XYZ, LLCâ€� you can become personally liable. The world must be put on notice that you are operating as an independent entity.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“creditors will go after the easiest target with the deepest pockets.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“Johnny did not bother to do a background check on Damien.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“It should be noted that complying with the special allocation rules and qualifying under the safe harbor provisions is a complicated area of the law. Be sure to consult with an advisor who is qualified to assist you in this arena.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“The two main reasons you need to Start Your Own Corporation are for protection against lawsuits and against excessive taxes,”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“Be sure to have a good CPA on your team. Many traps deal with taxation, and can be avoided with proper accounting advice.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“Cindy realized that if they created a Wyoming corporation to be the ad agency they could minimize their state taxes.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“using the legal system to his advantage,”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“The corporate tax rate for a personal service company is a flat 35 percent,”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“If the LLC was formed under California law, the attacker would have the ability to pierce through the LLC and force a sale of the buildings.”
― Garrett Sutton, Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

“The government grants tax and legal loopholes to real estate investors to encourage them to do a job that the government can’t.”
― Garrett Sutton, Loopholes of Real Estate: Secrets of Successful Real Estate Investing (Rich Dad's Advisors

“Real estate investing will power up your earning potential and put you into a different class of investor entirely.”
― Garrett Sutton, Loopholes of Real Estate: Secrets of Successful Real Estate Investing (Rich Dad's Advisors