Customer Reviews

Rich Dad Advisor's Series: Own Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them

5 star:		(12)
4 star:		(7)
3 star:		(0)
2 star:		(2)
1 star:		(2)

 

 

Almost everyone will either start-up a new business or invest in one at some point. Almost all of these investments will be unsuccessful. Most people will think that they merely have their investment sums at risk. Take the wrong approach to structuring the investment legally, however, and your whole career and life savings can be at risk. If you carefully follow this book's advice, none of these investments will cost you anything more than you planned to lose in the worst case.

When Robert Kiyosaki was a youngster, he loved to read about the early explorers like Columbus and Magellan. His Rich Dad encouraged him to also study those who financed the explorers, to learn about how they managed their risk and reward to expand and protect their wealth. "Don't climb the corporate ladder, why not own the corporate ladder?" was other advice that Rich Dad gave. To do this, Mr. Kiyosaki advises you to "find a good attorney and use him or her as your advisor on this important subject."

Own Your Own Corporation does an excellent job of explaining the various advantages and disadvantages of C and S Corporations, Limited Liability Companies, and Limited Partnerships from the legal perspective of how to save money on taxes and protect yourself from successful attacks on your personal assets. I particularly liked the way that the usual legal gobbledegook was avoided, and the ideas expressed in clear, simple language.

As a lawyer, I felt that the work was highly accurate and well presented for a layperson. I was especially impressed with the very long appendix that outlined the legal circumstances in each state. On the other hand, the book makes it clear that you should get some legal and accounting help to make sure that you do things properly.

My complaint about the book comes from the lack of describing the other methods that can be used to protect an individual and a family from liability. Setting up the right business structure is just part of what needs to be done. Other assets need to be protected using other techniques such as trusts, and insurance can also play a helpful role in protecting you from mistakes.

In picking a legal advisor, I will also mention that many perfectly capable practitioners will not be familiar with this particular area of legal practice. So choose well, or you will not necessarily end up with the business structure you need. A good use of this book is to arm you with questions and background knowledge to help you test how current and experienced your potential legal advisor is. In fact, you may need more than one legal advisor to help you set up the optimum structures for your personal assets and your business activities.

Taking time to eliminate risks and taxes in advance is well worth your focus and investment!

Having a business without being incorporated is like driving a car without insurance. I was confused about corporations, which kind and didn't want to go to a "expert" untill I understood how the process works. This book did just that.

Easy to read. I formed a C corporation with Mr. Sutton's firm after reading this book. They took care of all that legal mumbo jumbo so I could focus on building my business.

I was trapped in big corporations for 20 years - this book helped me understand how to get started...and the "right way" to protect my assets as an entrepreneur.

I only have time to read 2-3 business books a year. I'm glad this was one of them.

I learned nothing from the book. I was even more confused after I read it. There were no documents to show how to fill out any information. I don't recommend forming your own corporation by yourself. I wanted to take the easy way out, but realized I would've made a mistake. Instead, I took a seminar and I accomplished a lot more and got more than enough information to set one up. Of course, it costs a lot more to do so. However, it is the best alternative. Reading this book almost discouraged me from moving forward. I do recommend reading RICH DAD POOR DAD. It was an easy read,offered a great understanding of developing rich habits, but not very informative on real estate investing.

This book is worth every penny and provides the necessary information for owning your own corporatoin either to make money or avoid excessive taxation.

I've reviewed a couple of other corporation forming type books. This one is the best I've read yet. Deals with Nevada corporations. Explains taxes, benefits, loopholes, etc.

Probably not totally complete, afterall, if you're a lawyer, you need something that is thicker and harder to understand, I'm sure, but for the rest of us, this book seems to cover the iformation well enough.

I'd recommend it to any thinking about starting a business or any that are in business and have not yet incorporated.

Garret Sutton does an excellent job explaining various corporations to meet particular needs.

C, S and LLC corporations are covered thoroughly. I was talking to a friend the other day who is in the process of srting his own business. He didn't realize (many don't) the different corporations that are available.

Own your Own Corporation will give you the knowledge to take to your attorney and start your own corporation properly. You'll be in control.

Taxes and lawsuits are two of the biggest deterrents to building and keeping wealth. Sutton explains how to substantially reduce taxes (even FICA!) and insulate yourself from the something for nothing crowd that love to sue successful business people.

Own Your Own Corporation is a must read for anyone in business or anyone who is contemplating forming a corporation and laucnhing a business.

I have read several books on setting up a corporation and still found many useful nuggets of information in here.Garrett Sutton is a legitimate authority and knows what he is talking about unlike some of the other books that are creeping up on the market place today...

This is really a very good book to start on if you don't know anything about the field and want to learn more. I think it may even be useful for people who have just started out with a business of some sort. There is a recurring theme of "Make sure to ask your advisor about this" and really the book could be condensed in to one phrase: "GO FIND YOURSELF A REALLY GOOD LAWYER/ACCOUNTANT/FINANCIAL ADVISOR" But the reason why I give it 4 stars is because if you don't know much about the field (like me), then it really gives you an idea of what issues your advisor should be talking to you about. If she's not, then you know you should either talk to her about it or find someone better really soon.
A good read, it has examples that help explain the otherwise dry material in a very digestable manner.

I recently went to a Rich Dad Seminar where half a dozen experts spoke, including, Mr. Sutton. His advice and thoughts were thoughtful, purposeful and sanguine. I particularly learned that for my own business purposes the structure which was necessary. The differences and uses of a S Corp, C Corp and so on (LLC, LLP) were explained and outlined to my ecstatic satisfaction. I recommend this book for anyone who is thinking about starting a business or who already has. What he will teach you is invaluable and the book itself is a tax deduction. It also contains a special deal to use his national firms resources. I think it would also behoove a businessperson to obtain all of the Rich Dad Series of books. For around a hundred dollars you can get a clear picture of what is necessary to think, know and feel for a business as well as what to do with money and where to find it.