Quotes from Garrett Sutton

if an LLC had not been used the result would have been much worse.

you are better off not using a general partnership in the first place.

If the LLC was formed under California law, the attacker would have the ability to pierce through the LLC and force a sale of the buildings.

if you are doing business in California, then California law applies no matter where the entity was formed.

By contrast, limited liability companies, limited partnerships, and corporations offer much greater protection.

But what is known is that California courts tend to do what they want.)

Real estate investing will power up your earning potential and put you into a different class of investor entirely.

Maxine did not have any money to contribute, but convinced Louise that she would contribute her first $5,000 in profits back into the business.

they used a mix of Nevada and Wyoming entities to hold the LLCs formed in the states where the property was located.

Louise was shaken by this realization but remained composed.

So taxes are based on net profits, the money left over after all the employees, vendors, landlords, advisors, and various other service and product providers are paid first.

the creditors did not even bother to pursue her.

The sole burden of the partnership's debts fell upon Louise.

On top of that, from a big picture perspective

but had to pay for the rest of the family's coverage with after-tax dollars.

income potential, full ownership, appreciation of equity, and tax deductions.

The shareholders, the investors in the corporation, were liable only to the extent of their contribution to the business.

Also note that only 50 percent of your meal costs can be deducted while traveling.

tax laws allow you to offset your earned income by up to $25,000 in passive losses from real estate, as long as your adjusted gross income is below $100,000.

States require that a resident agent be designated.

creditors will go after the easiest target with the deepest pockets.

Brendan makes $200,000 a year in his pool cleaning business. As a single-member LLC, he would pay over $18,000 in payroll taxes on the entire $200,000 profit. If Brendan used an S corporation and paid himself a $72,000 a year salary and flowed the rest through as profits without payroll taxes, his payroll taxes would be $11,000 per year. As such, Brendan could save $7,000 a year, year in and year out, by using an S corporation over an LLC. Who says choice of entity isn't important?

The owners' liability is limited to the monies they used to start the corporation, not all of their other personal assets.

In an S corporation you can pay yourself a reasonable salary, on which you pay payroll taxes. Profits after salary can be flowed through to the owner without payroll taxes. (Please note that an LLC can elect to be taxed as an S corporation and achieve this benefit.)