Happy New Year! Every January 1st many of us make resolutions to improve, and I am no exception. This year, my resolution is to blog on our website every week.
There are many things we cannot control. Economic cycles, accidents, natural disasters, among others, are all beyond our individual grasp and control.
We also can’t control our customers and clients. Some may be dissatisfied over one matter while others will never be satisfied with anything. We must appreciate this fact as we run our business and manage our real estate.
In the face of this lack of control, we must be ever more vigilant to properly control our own entity. Choosing the right entity is a start—a foundation for growth and protection. Basic asset protection isn’t enough anymore. You need to take the next steps for better protection. Forming an entity, be it an LLC, LP or corporation, is your foundation. Then you must follow the corporate formalities and tax laws. These are your building materials. You want to do it right using brick and not straw, and thus be protected. Your entity is a structure, and the more solid the foundation and building materials are, the more protection and control you will have.
In the next few weeks I will cover some important issues to consider while choosing an entity, some tips to help you protect your corporate veil, and a few tax issues as well. So check back here every week. Wishing you a prosperous 2013. – Garrett Sutton