THE CASTLE KEEP ASSET PROTECTION STRATEGIES GARRETT SUTTON
But what if your California entity was originally formed in a lowcost state such as Wyoming? That is Sammy’ s moneysaving strategy. The developer entity is formed in Wyoming and qualified to do business in California. Qualifying in California is required since the house is being constructed in California. But once the house is sold, the entity no longer conducts any California business. It is free to stop paying California fees and only has to pay the minimal Wyoming fees of $ 50 per year. Assuming the same $ 125 annual resident agent fee, the cost of maintaining a Wyoming entity for 10 years is only $ 1,750 versus $ 9,250 for California. By forming the entity in Wyoming, qualifying in California for only as long as necessary and then keeping the entity alive in Wyoming until the tenyear statute of limitations runs out, Sammy is able to affordably protect himself and his other assets.
Sammy’ s three strategies for remodels, holdings, and spec home developments serve him well and he has prospered without any further devastating litigation. His modern day castle keep are properly formed and properly maintained LLCs and LPs.
For more information on this and other title matters, please read my book Loopholes of Real Estate or visit CorporateDirect. com
Garrett Sutton
Garrett Sutton is an attorney, speaker and best selling author. As part of Robert Kiyosaki’ s Rich Dad’ s Advisor group he has written six books which have been translated into 11 languages. Garrett focuses on corporate and asset protection law and speaks to audiences on the importance of asset protection. His advice is pertinent, timely and valuable.
Garrett received his Juris Doctor Law Degree in 1978 from Hastings College of the Law, the University of California’ s law school in San Francisco. He received a B. S. in Business Administration from the University of California, Berkeley, in 1975. He is licensed to practice in Nevada and California.
Primary Website: http:// www. corporatedirect. com /