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Congratulations. By reading Run Your Own Corporation you are going to learn the strategies the rich have used to maintain and run their corporations, limited liability companies and other limited liability entities to maximum benefit.

Perhaps you have read the first book in this set, Start Your Own Corporation. In that book we illustrated the advantages and strategies for setting up a corporation, limited liability company (“LLC”) or limited partnership (“LP”). Now we are going to discuss and review the necessary steps to properly run your entity in order to achieve asset protection, tax benefits and peace of mind.

The book is set up chronologically according to the life of your entity. As we learned in Start Your Own Corporation an entity is a separate legal being chartered by a state government which provides protection for the individual. And so when we refer to ‘entity’ we mean a corporation, LLC or LP set up for limited liability protection. In some cases we use the term ‘corporation’ in a way that is applicable to all these entities. We will start with issues to consider before incorporating and then issues to deal with on your first day, first week and so on through the fifth year.

Of course, some of the issues apply from day one and throughout your entity’s duration. For example, employee issues and writing contracts apply right along. But we have chosen to include them in the fourth day and first week chapters, respectively, to even out the book. So please don’t view the chapter contents as rigid. Much of the information contained throughout the book applies throughout your entity’s existence. Or, to put it another way, you will want to read what happens at year one before your first year is up.

In the B.C. (Before Corporation) section, we include a discussion of the always important topic on choosing the right entity. If you have previously read Start Your Own Corporation or already know which entity you will use, feel free to skip over this section. (But please read the three cases as they carry through the book. What happens at the start will affect their endings.)

Running your own corporation, LLC or LP in a manner that protects you on an ongoing basis is one of the smartest (and, as you will learn, easiest) things an entrepreneur can do.

With that, let’s begin...