If you want to be "Financially Empowered", it is important to ensure that your investments are structured according to your long term goals, because this directly affects your legal liabilities and accounting arrangements. Each individual's investment requirements are unique and it is important to get it right from the start.
Investment structuring can influence:
A.] Your tax liabilities as well as your deductions.
B.] How well your assets are protected from lawsuits.
C.] Your ability to procure financing when needed.
D.] Estate planning.
E.] Levels of autonomy and control that you may want over your investments.
F.] Levels of control others have over your investments.
Types of structures:
A.] Individual
B.] Partnership
C.] Limited Partnership
D.] Limited Liability Company
E.] Trusts both Domestic and Offshore
F.] Corporations
Each type of structure has its advantages and disadvantages. Depending on your situation, you may want to set up a combination of these, as there may be tax advantages to doing that. It is very important to develop an ongoing relationship with a reputable accounting firm, as well as an attorney who specializes in asset protection, to give you the proper advice. Laws are constantly changing. They will keep you appraised of changes you should make in your structure to maximize your profit and income, while giving you the best protection.
Remember that you are not locked into structuring your business in a certain direction. You must always keep an open mind, periodically review your structure, and make positive changes as it is warranted.
Along with this, when considering your personal or business finances, effective tax planning is essential and can have significant implications for both business owners and investors. Why is tax planning important?
A.] It can help avoid tax pitfalls and assist you in paying the minimum tax requirement within government regulations.
B.] It can provide expert assistance in dealing with complex and constantly changing legislation.
C.] It can ensure that you avoid penalties for failing to pay the correct amount of tax.
D.] It will help you manage risk and maximize cost savings.
E.] It can assist with long-term wealth building and retention.
I recommend starting with an excellent asset protection attorney. They are experts in structuring your assets, wealth, and different companies. The structure they set-up will make it easy for your respective accounting firm to finalize and complete the necessary structuring to ensure that you are protected from a tax liability as well as a legal liability standpoint.
If you need an excellent asset protection attorney, I recommend Elizabeth Zagajeski in the Law Offices of Gary Fales & Assoc. Elizabeth is an expert in all phases of asset protection and structuring, from LLC's to trusts both domestic and offshore, as well as limited partnerships and corporate structuring. Their office can handle all phases of estate planning and family finance protection. If you would like a private and discrete introduction, do not hesitate to email me directly with your contact information. With my next post, I will discuss estate planning and income protection. When you protect your business as well as your personal assets, you have "Empowered Your Wealth".
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