Sheltering personal assets and making personal expenses corporate expenses?
June 7, 2006 9:33 AM Subscribe
How realistic is the idea that you can shelter your personal assets as well as many typical expenses under the umbrella of a corporation?
posted by arimathea to Work & Money (14 answers total) 2 users marked this as a favorite
I've heard stated several times in different books that corporations (LLCs) can be used to shelter an individual's personal assets, investment or otherwise, reduce your personal taxes by holding much of your income in the corporation, and permit you to expense many things to the corporation (cars, restaurant bills, etc). This idea seems to hold a little water, as I know plenty of people with a network of corporations. While the authors of these books are not always well-regarded by the Internet community-at-large, i'm trying to find out the truth of whether or not this is possible and for whom it is suitable. If you have experience in doing this kind of thing, your input would be a big plus. (Disclaimer: I plan on seeking the advice of a lawyer before proceeding, just curious as to what the knowledge of askmefi brings).