Incorporate & Grow Rich

As someone who is just starting out in business, I appreciated the easy to understand and easy to apply advice in this book. I also recommend The Rich Dad advisor series book by Garret Sutton as well as the exellent books by J.W.Dicks. After talking with dozens of other successful business people and pouring over a hundred "How to incorporate" books, these are the best.

Two of the biggest predators to business owners is taxes and lawsuits. What I learned from Inc. and Grow Rich was how to significantly reduce taxes (70% and more) and protect my assets.Taxes are one of the biggest deterrents to wealth. The more you make, the more they (the government) wants to take. By use of the strategies in this book, you are armed with the right information tolegally reduce your taxes down to the absoluteminimum.Once you establish yourself as a business, you immediately become a target. The information in Inc and Grow Rich will show you how to protect yourself.Important points covered in the book* Slash your taxes by 70%* Tax deductible cars* Tax deductible educational expences* Tax deductible life, health and automobile insurance* Tax deductible trips* Tax Deductible food* Tax deductible housing* Protect your personal and business assets* Don't pay probate costs* Don't pay inheritance taxes* Structure your financial affairs for wealth, not povertyThere is an interesting quote in the book that I would like to share:"You simply need to learn how the rich get rich & do the same thing! What works for the rich will work for you too."The book covers in detail the eight legal business structures:I The Sole ProprietorshipII The General PartnershipIII Limited PArtnershipsIV The CorporationV "C" vs "S" CorporationsVI The Professional CorporationVII Nonprofit or Not-for-profit corporationsVIII The Limited Liability CorporationIn the chapter called 'Building your Wealth" by C. W. Allen, we learn the four founding principles of getting and staying rich which are:1) Get into business for yourself and incorporate your business2) Spend first - tax later (by operating as a corporation)3) Own nothing - control everything (All your assets protected)4) Use the magic of compound interest (rule of 72)The authors bring a varied and professional background and are uniquely qualified to present this information. C.W. Allen is a financial strategist and one of the nations foremost experts on the benefits of incorporating. Cheri S. Hill specializes in the practical, how to side of incorporating and is an established expert in incorporating. Diane Kennedy is a CPA as well as an owner, investor and real estate developer. She practices the advice she gives and shares her secrets, in particular how to reduce taxes. Ms. Kennedy is noted for "performing miracles" taking corporate taxes from the red and put them in the black. She has helped clients save 70% on taxes by proper use of the tax code. She also has information on how to pick a CPA that is right for you. Garrett Sutton is an attorney and an expert at asset protection. "Why work hard to accumulate assets when by doing so you become a target for frivolous litigation?" says Sutton and he addresses this question and others related to preserving family wealth and your hard earned assets.Overall Inc and Grow Rich is a excellent book for all business people. Also recommend Own

This book gave me good insight into the world of business, specifically regarding its structure. I've realized that the structure of a business can really impact how much money you make.The authors give good information. I specifically like the fact that they didn't analyze the entire corporate legal system, but mentioned some laws that are very important to know about (they save you money, and they keep you out of trouble with the IRS). They talk about everything from the different types of bankruptcy codes to the very popular Nevada corporations. Also, they cite the specific part of the tax code that they got their information from, so you can investigate the authors credibility if you wish. There are many different laws that are mentioned within the book that are both interesting and useful to know when starting a business. For example, if you have a corporation, did you know you can only write off the purchase of a car if it costs less than $15,300 and has a gross vehicle weight above...yes, that's ABOVE...6,000 lbs? (If it were less, you might try and buy a sports car!) Did you know that if you start a business from your home, everything you currently own and use for the corporation (tables, computers, chairs, etc.) can be considered a donation to the corporation, resulting in a write off on your individual tax return? You can even write off your rent if you operate from there!More questions of this type are answered throughout the book, as well as, obviously, the different types of corporations that can be formed (LLC, C Corporations, S Corporations, etc.), and the advantages and disadvantages of each.The disadvantages: I had some trouble following the books format. The order in which things were presented was a little questionable. Also, there were a few chapters within the book that I wasn't interested in (forming a corporation in another country, for example), but I was able to skip right over them with ease. It will definitely be a good reference book to add to my shelf. Relatively speaking, considering what I learned from this book, these disadvantages are too minor to warrant giving it only 4 stars.

This book changed my life considerably. While not a complete treaty on the subjects (not a single book can address the 12,000 pages US tax code, associated case law, financial planing, accounting, liability protection, etc.); it presents in a nutshell, key questions that the business owner should ask his/her advisors. Its language is easy to understand and the examples easy to follow. The grouping of themes by discipline helps to understand better the subjects on an individual basis. Unfortunately, that also makes the book, as a whole, appear a little bit confusing.Overall, the book is insightful and instructive. The only weakness I found was its strong bias toward C corporations. After following up on the subject of different type of corporations, I found out why. But I still believe that the book should have included a more detailed explanation of the differences between C , S and LLC corporations on the subject of deductions, specially regarding the owners. They are substantial; and with most advisors recommending their clients to go with S or LLC corporations (probably because of the way they are taxed), this lack of better comparison could make the book appear as misleading or worse, plain wrong. Nevertheless, Kudos to C.W. Allen and his team for a bold talk on the scary subject of paying the least amount of taxes possible.

This book gave me more than enough information to make a difference in how I do business. Clearly written in a chapter format which made it easy to digest and not overwhelming like many other books. In addition, it guided me on how to get more in-depth information on incorporating and a great basis for what questions to ask. I have shared this book with many of my freinds and they have then gone to buy the book for themselves, great for a reference book in your library. If you only get one bit of information out of it that will be worth the $ alone. Enjoy!