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So you own your own corporation… but does it work?

By Kristina R Haymes

From the desk of Kristina R. Haymes, San Diego Estate Planning (Wills and Living Trusts) Attorney: Most people know about the many advantages of owning your own corporation…the top three are: There are significant tax advantages; Corporations can provide asset protection; Corporations can shield individual directors and officers from individual liability… So, people go out and set up a corporation or have an attorney do it for them.  It is not that expensive to set up a corporation in California or Nevada or another jurisdiction. But then comes the important part… Is the corporation a fiction or is it a legitimate business entity operating as a business? And what exactly does that mean? Here’s the deal, in order to get the benefits of a having a corporation (or LLC or other business entity) — the directors/officers or members must observe the corporate (business) entity formalities...continue to full post

Full post as published by Mediation Marketing Tips on July 13, 2010 (boomark / email).