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A couple of weeks ago, I came across an entrepreneur who is absolutely sure no one can touch his personal assets because he is incorporated. He had never heard the term piercing the corporate veil and did not believe me when I told him what it was and that it was easy to do. That made me think, we really need to hear from Aaron Young again, from July of 2013. Aaron is CEO of Laughlin Associates, a company that does nothing but incorporate small and mid-sized businesses, and keep them in compliance so the veil cannot be pierced.
If you are incorporated - and if you're in business for yourself, you should be - you need to hear what this man has to say. Here is last year's show:
This morning we talk with Aaron Young of Laughlin Associates USA. Laughlin incorporates businesses. Incorporation is a MUST for every entrepreneur, even if you're a sole proprietor. It protects you AND gives you amazing tax breaks (This is one of the secrets of the wealthy).
But compliance is quite involved. Even if the business is just you, you have to have board meetings, announce them ahead of time, keep minutes of the meeting, even though it's just you! Crazy, huh? That's not the half of it. But if you don't do it, you leave yourself open to lawsuits that can ruin not just your business, but your own personal assets, as well.
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