Have you ever wondered what the difference was between an “S-Corp”, “C-Corp”, “Sole Proprietorship” and “Partnership”? Why do we have so many business structures and what are the differences? How will the way your business/practice is structured affect you in a lawsuit? Are the taxes all the same for each? Well today is your …
(This is part of an article that we wrote for the magazine Audiology Today, briefly covering some key topics of sound business structuring – with a few inserts for clarification) The Charging Order In an attempt to capture some sort of compensation from the FLPs (Family Limited Partnerships – see the home page of this …
Here is an example of how a Family Limited Partnership could work. Wyoming Oil : Oil was discovered in a little community in Wyoming. The Cook Family Limited Partnership owns 160 acres of land, including all the mineral rights. The parents own 20 percent of the partnership interests and their children own the other …
Family Limited Partnerships Part 4 – Legally Mine Read More »
The following are some general questions that often get asked to various Legally Mine representatives. Many of these questions and answers both are found in the book the Asset Protection Bible. I will continue with this for a couple of posts, but please let me know if you have any questions that are not listed …
Accounting When it comes to your personal home, and other real estate, there are several key strategies to owning and protecting your investments, one of which involves the Family Limited Partnership. Regardless of the specific strategy you employ, correct accounting and record keeping is crucial. The following is an excerpt from the Asset Protection …
Family Limited Partnerships, Home Ownership and Accounting – Legally Mine Read More »
The following is some good advice on how you can use multiple entities to protect yourself in the case of a lawsuit. Using Multiple Operating Businesses If the function of the business can be separated into multiple operating entities, their assets and the separate operating entities themselves can then be more easily protected. For example, …
Using Multiple Operating Businesses, Real Asset Protection Strategies – Legally Mine Read More »
Continuing from the previous post http://wp.me/p3QR71-2q For those of you who missed the first post, this is a series of posts regarding the Family Limited Partnership (see link above) – an entity that Legally Mine advocates in their lectures and presentations. These are excerpts taken from the book, “The Asset Protection Bible.” Determining the Percentage …
Family Limited Partnership – Part 3, Legally Mine Read More »
One of the things that Legally Mine often discusses during their presentation, is the Family Limited Partnership (FLP). I know that sometimes Dan McNeff can go pretty fast through some of that material, and so for those of you who would like a refresher on what the FLP is and how it works – I’ve …
The Family Limited Partnership Part 1 – Legally Mine Read More »