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Rich Dad Forum
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The Power of Owning your own Corporation
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Did you form a LLC
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Rank: Silver
Joined: 7/14/2007
Posts: 56
Location: Los Angeles
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Did you form an LLC? by Ann Yoshikawa on Thu Oct 29, 2009 8:29 pm I'm wondering how many network marketers, especially those who sell nutritional products, formed an LLC (or other entity). If so, did you form it for the tax benefits or for liability coverage? Do you only need the liability coverage if your doing nutritional consulting? Have you heard of distributors being sued before? Thanks for any input!
Re: Did you form an LLC? by Chris Brown on Fri Oct 30, 2009 5:19 pm Yes LLC is smart if you go to an account they will try to save you money. An attorney will try to protect you, you need both protection and savings. I was attempted to be suied because I my distributor did not make money it never went anywhere It only happened once yet how many times have you used you insurance you have just in case.
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Rank: Silver
Joined: 12/15/2003
Posts: 50
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I have many MLM clients that set up two entities. One is usually an s corporation or LLC that actually runs the business and the second is an LLC that receives the royalty. You then have the argument that if the first entity gets sued for whatever reason, the second entity that receives the royalty is protected and apart from the litigation. Good luck, Garrett
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