This article provides an overview of key considerations for determining the domicile of your company.
It is quite common for people to “borrow someone’s credit” or title a property in someone else’s name, and the reasons behind it are understandable enough. The purpose of this article is to make you aware of the implications of buying a home in someone else’s name.
This is the final part to our discussion aimed at helping owners and officers avoid personal responsibility for the obligations and liabilities their companies take on in the course of doing business. The first part provided an overview of the key issues related to corporate liability. The second part focused on what not to do. Here, we get to proactive techniques for guarding against personal responsibility.
This is a continuation of our discussion regarding the breakdown of liability protection afforded to owners and officers as a result of the economic crisis and business scandals in the US and around the world. It is true the American legal system is set up to shield owners/officers from corporate liabilities, but nothing draws public outcry like an executive who fills his pockets through misdeeds and then hides behind the corporate skirt.
The law has shifted in recent years towards weakening corporate liability protections. That makes it easier for plaintiffs and regulators to “pierce the corporate veil” and get to the assets of owners and officers.
Our firm works with Europeans and South Americans, whose legal codes essentially disallow (or disregard) the concept of a trust. It is sometimes hard to explain to such clients the advantages of a trust because it just sounds too good to be true.
Once you have read Part II of this series, regarding the many advantages of having a trust, you are ready to learn how to actually transfer assets to your trust.
Investors are generally comfortable with LLCs, so they often miss out on the benefits of a land trust just because of unfamiliarity. This articles compares the two entities side-by-side, showing the similarities and differences.