Run Your Own Corporation: How to Legally Operate and Properly Maintain Your Company Into the Future

by Garrett Sutton

Overview

"I've set up my corporation. Now what do I do?"

All too often business owners and real estate investors are asking this question. They have formed their protective entity — be it a corporation, LLC or LP — and don't know what to do next.

Run Your Own Corporation provides the solution to this very common dilemma. Breaking down the requirements chronologically (i.e. the first day, first quarter, first year) the audiobook sets forth all the tax and corporate and legal matters new business owners must comply with. Written by Garrett Sutton, Esq. who also authored the companion edition Start Your Own Corporation, the audiobook clearly identifies what must be done to properly maintain and operate your corporation entity.

From the first day, when employer identification numbers must be obtained in order to open up a bank account, to the fifth year when trademark renewals must be filed, and all the requirements in between, Run Your Own Corporation is a unique resource that all business owners and investors must have. 

Product Details

ISBN-13:	9781944194970
Publisher:	Success DNA
Publication date:	03/26/2024
Sales rank:	108,176
Product dimensions:	6.00(w) x 8.90(h) x 1.10(d)

About the Author

GARRETT SUTTON, Esq., is the best-selling author of Start Your Own Corporation, Run Your Own Corporation, Veil Not Fail, Th e ABC’s of Getting Out of Debt, Writing Winning Business Plans, Buying and Selling a Business, How to Use Limited Liability Companies and Limited Partnerships, Loopholes of Real Estate, and Scam-Proof Your Assets in the SuccessDNA series. Garrett has over forty years’ experience in assisting individuals and businesses to determine their appropriate corporate structure, limit their li-ability, protect their assets, and advance their financial, personal, and credit success goals.

His law fi rm, Sutton Law Center, is based in Reno, Nevada. Th e fi rm represents many corporations, limited liability companies, limited partnerships and individuals in their real estate and business-related law matters, including incorporations, contracts, and on-going business-related legal advice. The firm continues to accept new clients.

Sutton is also the owner of Corporate Direct, which since 1988 has provided affordable asset protection and corporate formation services. Th e company has offices in Minden, Nevada, and Casper, Wyoming. Please see CorporateDirect.com for more information.

Sutton attended Colorado College and the University of California at Berkeley, where he received a B.S. in Business Administration in 1975.  He graduated with a J.D. in 1978 from the University of California, College of Law, San Francisco. He practiced law in San Francisco and Washington, D.C., before moving to Reno and the proximity of Lake Tahoe.

Sutton is a member of the State Bar of Nevada, the State Bar of California, and the American Bar Association.  He has written numerous professional articles and has served on the Publication Committee of the State Bar of Nevada. His writing has appeared in the Wall Street Journal, The New York Times, and other publications.

Sutton enjoys speaking with entrepreneurs and real estate investors on the advantages of forming business entities. He is a frequent lecturer for small business groups.

For more information on Garrett Sutton and Sutton Law Center, visit his websites at CorporateDirect.com and Sutlaw.com.

Table of Contents

Foreword Robert Kiyosaki xi

Introduction xiii

Chapter 1 B.C. (Before Corporation): Control and Corporate Veil, Choice of Entity, Hobby Loss Rules, Your Business Name 1

Chapter 2 A.D. (Activation Day): Taxation and Accounting Systems, Payroll Taxes, More Choice of Entity Issues 29

Chapter 3 Day One: Records, EIN, Corporate Formalities 53

Chapter 4 Day Two: Keeping your Books, Payroll Compliance, Personal Guarantees, Stationery 69

Chapter 5 Day Four Employee Issues 81

Chapter 6 First Week: Capitalize Your Business, Home Office Deductions, Writing Contracts 109

Chapter 7 Second Week: Business Plans, Attracting Customers, Vehicle Deductions 135

Chapter 8 One Month: Extending Credit, Getting Paid, Building Business Credit, Protecting Your Website 151

Chapter 9 First Quarter: Personal Responsibility for Payroll Taxes, Trademarks, Business Insurance 163

Chapter 10 Second Quarter: OSHA, Business Gratitude 185

Chapter 11 Year One: Protecting the Corporate Veil, Annual Filings, Annual Meetings, Business Travel, Education Expenses 191

Chapter 12 Year One: End of Year Questions 211

Chapter 13 Eighteen Months: OSHA Returns, Awards, The Criminalization of Business Activity 223

Chapter 14 Year Two: Corporate Veil, IRS Audits, Corporate Notice and Lawsuits, Managers and Directors Review 237

Chapter 15 Year Three: Granting an Equity Stake, Stock Ledger, Record Retention, Social Media, Leadership 261

Chapter 16 Year Five: Exit and Legacy Strategies, Mergers, Asset Sales, Stock Sales 279

Conclusion 299

Appendix 300

Index 301

What People are Saying About This

From the Publisher

RUN YOUR OWN CORPORATION (Kirkus Book Review November 1, 2012)

Accomplished attorney and author Sutton (Start Your Own Corporation, 2012, etc.) presents a second volume on how to build a well-protected business from the ground up.

If it seems like Sutton is leading a tour through every entrepreneur’s worst nightmare, it’s because the path to running a successful corporation is rife with pitfalls. Founder of Sutton Law Center and a Rich Dad’s Advisor series contributor, Sutton knows what can happen when entrepreneurs ignore proper bookkeeping and other corporate formalities. Hefty tax liabilities, expensive lawsuits and criminal investigations can doom a business. Rather than cower from the dangers, Sutton digs in with an us-versus-them attitude and explains how to build a “corporate veil” that will be difficult for outsiders to penetrate, whether they be sue-happy clients or overzealous creditors. Stuffed with legal concepts but remarkably easy to follow, the book traces the evolution of three fictitious businesses over a five-year period—an engineering firm, a beauty salon and a housesitting venture. These “case studies” illustrate the basics of personal asset protection and legal documentation. Topics include choosing a corporate entity, payroll taxes, annual filings, IRS audits and more. Options are laid out with brutal candor because the consequences can be grave. One imaginary entrepreneur loses $15,000 due to trademark infringement, and another is sentenced to prison following a dubious tax investigation. The narratives can be a bit over-the-top, but it’s forgivable because a skilled attorney will anticipate worst-case scenarios. Sutton casts a wide defensive net, even highlighting the risks posed by social media websites. Government agencies like the IRS and OSHA are viewed with suspicion, and entrepreneurs are urged to rise above bureaucracy by following the rules. Sutton makes no apologies for the tactics used by the wealthy; while he insists readers pay their taxes, he shows ways to legally reduce their liabilities. The timeline of the book is ambitious, since many startups are barely profitable after five years, but Sutton’s strategies can be applied regardless of scope.

Part survival guide, part cautionary tale, a volume in which every aspiring entrepreneur should invest.

Editorial Reviews

RUN YOUR OWN CORPORATION (Kirkus Book Review November 1, 2012)

Accomplished attorney and author Sutton (Start Your Own Corporation, 2012, etc.) presents a second volume on how to build a well-protected business from the ground up.

If it seems like Sutton is leading a tour through every entrepreneur’s worst nightmare, it’s because the path to running a successful corporation is rife with pitfalls. Founder of Sutton Law Center and a Rich Dad’s Advisor series contributor, Sutton knows what can happen when entrepreneurs ignore proper bookkeeping and other corporate formalities. Hefty tax liabilities, expensive lawsuits and criminal investigations can doom a business. Rather than cower from the dangers, Sutton digs in with an us-versus-them attitude and explains how to build a “corporate veil” that will be difficult for outsiders to penetrate, whether they be sue-happy clients or overzealous creditors. Stuffed with legal concepts but remarkably easy to follow, the book traces the evolution of three fictitious businesses over a five-year period—an engineering firm, a beauty salon and a housesitting venture. These “case studies” illustrate the basics of personal asset protection and legal documentation. Topics include choosing a corporate entity, payroll taxes, annual filings, IRS audits and more. Options are laid out with brutal candor because the consequences can be grave. One imaginary entrepreneur loses $15,000 due to trademark infringement, and another is sentenced to prison following a dubious tax investigation. The narratives can be a bit over-the-top, but it’s forgivable because a skilled attorney will anticipate worst-case scenarios. Sutton casts a wide defensive net, even highlighting the risks posed by social media websites. Government agencies like the IRS and OSHA are viewed with suspicion, and entrepreneurs are urged to rise above bureaucracy by following the rules. Sutton makes no apologies for the tactics used by the wealthy; while he insists readers pay their taxes, he shows ways to legally reduce their liabilities. The timeline of the book is ambitious, since many startups are barely profitable after five years, but Sutton’s strategies can be applied regardless of scope.

Part survival guide, part cautionary tale, a volume in which every aspiring entrepreneur should invest.

From the Publisher

Accomplished attorney and author Sutton (Start Your Own Corporation, 2012, etc.) presents a second volume on how to build a well-protected business from the ground up. If it seems like Sutton is leading a tour through every entrepreneur's worst nightmare, it's because the path to running a successful corporation is rife with pitfalls. Founder of Sutton Law Center and a Rich Dad's Advisor series contributor, Sutton knows what can happen when entrepreneurs ignore proper bookkeeping and other corporate formalities. Hefty tax liabilities, expensive lawsuits and criminal investigations can doom a business. Rather than cower from the dangers, Sutton digs in with an us-versus-them attitude and explains how to build a "corporate veil" that will be difficult for outsiders to penetrate, whether they be sue-happy clients or overzealous creditors. Stuffed with legal concepts but remarkably easy to follow, the book traces the evolution of three fictitious businesses over a five-year period--an engineering firm, a beauty salon and a housesitting venture. These "case studies" illustrate the basics of personal asset protection and legal documentation. Topics include choosing a corporate entity, payroll taxes, annual filings, IRS audits and more. Options are laid out with brutal candor because the consequences can be grave. One imaginary entrepreneur loses $15,000 due to trademark infringement, and another is sentenced to prison following a dubious tax investigation. The narratives can be a bit over-the-top, but it's forgivable because a skilled attorney will anticipate worst-case scenarios. Sutton casts a wide defensive net, even highlighting the risks posed by social media websites. Government agencies like the IRS and OSHA are viewed with suspicion, and entrepreneurs are urged to rise above bureaucracy by following the rules. Sutton makes no apologies for the tactics used by the wealthy; while he insists readers pay their taxes, he shows ways to legally reduce their liabilities. The timeline of the book is ambitious, since many startups are barely profitable after five years, but Sutton's strategies can be applied regardless of scope. Part survival guide, part cautionary tale, a volume in which every aspiring entrepreneur should invest.

Kirkus Reviews