Posted by Jack (Ky) on February 14, 2002 at 08:31:46:
Loopholes of the Rich: How the Rich Legally Make More Money and Pay Less Tax
by Diane Kennedy, Robert Kiyosaki(only wrote introduction)
I have it and Bronchick’s material on corps. Both a very good. The “Loopholes” book goes into great detail about the entity selection process, but it is not aimed solely at REI. Very good information.
The best advice is to get a qualified CPA and work with that person. Build a team, don’t try to be an
expert at everything, except REI.
Running a Corporation - Posted by Michael A. Bardelli
Posted by Michael A. Bardelli on February 11, 2002 at 05:03:10:
Hello to all,
As I am new to the whole business of running a corporation, how does one run one? I am not new to buying and selling houses using traditional methods but I have never run a corporation. The reason I ask is that I am getting ready to form a C-Corporation soon to protect my assets from tenants in my rental property should they get hurt, etc. I also plan to expand to flipping instead of just rentals and maybe doing some buy and selling using owner financing where I then immediately sell the “paper” for cash. Here are my specific questions.
As a corporation, how many shares of stock am I required to have at the start of the corporation? Can I issue just one share to myself making me the sole owner of the corp?
Is there any requirement that I register a private corporation with the Securities and Exchange Commission and issue stock that will trade on the major exchanges?
If I want to take on an investor in my private corporation, can I simply print up more stock certificates and sell shares to that individual or is there some other way to do it?
I have many more questions as well. Is there a good website or book that breaks it down in first-grade terms for someone like me to understand?
Thanks in advance for all replies.
Michael A. Bardelli
Re: Running a Corporation - Posted by Mark (Atl)
Posted by Mark (Atl) on February 11, 2002 at 09:02:18:
Check out this book/course called The Corporate Fortress. Has all the forms you need on disk. Well worth the price.
Re: Running a Corporation - Posted by DavidV
Posted by DavidV on February 11, 2002 at 07:55:34:
When i started my C corp. i knew absolutely nothing about starting or running one. I got Bronchick’s course from here and it spells out everything you need to do to start one and keep it running properly.
You may want to consult your CPA about putting a rental property into a corporation. You may want to consider a LLC or FLP for this. The flips you want to do would probably be good for the corp.
Re: Running a Corporation - Posted by Steve
Posted by Steve on February 11, 2002 at 08:32:24:
Also check out the Rich Dad series of books. I believe he and/or his co-author have a book just about how and why to incorporate.