Can You Rely on Privacy
as your
Primary Asset Protection Strategy?
When it comes to protecting your hard-earned
assets you want every advantage possible. An ideal situation would
be where you were sued both personally and as a business and you had
to lay out your whole asset protection plan in front of the judge
and have the judge rule in your favor that everything was structured
properly for business reasons! And perhaps a small portion of your
assets were at risk, maybe a small amount of receivables in a corporation,
but 90% of your personal and business assets were declared protected!
That would be ideal!
Now, if it takes longer for someone to
get to first base in your situation, wonderful. In order to figure
out whom the owners are just means that the plaintiff will have to
spend more money! After all, aren’t most lawsuits a simple game
of economics? And if you can make it very expensive for the plaintiff
to find your assets, so much the better! Can this be accomplished?
Absolutely! You may utilize our Corporate Officer Service where NCP
appoints an individual to become the officers of your corporation
in the state records of Nevada, thereby not revealing your identity
in the very first place a creditor would look for you. You will be
protected from us, because you receive a contract that states we have
no liability or authority in your situation. We are only a
name on state records. You will run and control the corporation
from a position of vice-president or something similar. The outcome
is to place yourself in a lower profile position, so you are not an
easy target for someone. Now, if you are a high profile person in
your business then this type of service will not be helpful. The key
is to understand what are the limitations in this type of service.
You will know specifically when you speak to us and in what areas
your name will show up to lessen your privacy.
What is the Challenge?
The challenge is that many companies
rely solely on privacy in a situation with Bearer shares (which don’t
work) and nominees (which do work to a certain degree as we have mentioned
above) to protect their assets. And the whole plan is designed upon
the fact that no one will discover your assets so as to be motivated
to start a lawsuit. Furthermore, there is no substance to the corporation
or LLC! No employees anywhere! No business license. If you took away
the privacy of those plans, you would have a plan that was like Swiss
cheese, all full of holes! The only way you would be protected would
be to hide under a rock because you had to be so private!
If your structure is a rock solid asset
protection plan and you are low profile along with it, that
is the icing on the cake!
The common places most people have to
give up their identity as being linked to a corporation are in the
following areas:
- Issuing stock
- Obtaining a Business License (either in Nevada
or your home state)
- Opening a bank account (either in Nevada or your
home state)
- Being an employee or independent contractor to
the corporation
- Entering into other contracts or agreements
- Loan applications with banks
You must realize that you may be low
profile on the surface level of the corporation like in the state
records, but eventually your name will show up in one of these 6 areas.
Don’t be misled that you are going to be, so low profile that
no one will locate you. If you don’t like that option, simply
don’t be any part of the corporation, including being the signer
on the bank account and/or independent contractor.
When you form an Entity will that Entity
have to Pay Taxes in other States?
It depends. Most people think the state
in which they form their corporation or LLC is the only state with
which they have to concern themselves about taxes. That is not true.
Many people don’t realize that they are doing business in other
states and they need to register as foreign entities and pay the appropriate
taxes in those jurisdictions. In order to better determine if your
company needs to register in other states you first must understand
the Multi-State Taxation Rules.
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