4 ms·

>> why the hell shouldn't I just go out and commit fraud on a daily basis myself? Because corporations are protected, individuals are not. This is what happens

>> why the hell shouldn't I just go out and commit fraud on a daily basis myself? Because corporations are protected, individuals are not. This is what happens when business(profit) takes precedence over human rights. There will be no repercussions for those responsible. No changes will be implemented. At best we'll get a public apology, but even that seems far-fetched.

samstave 9y ago
Should a sound approach, then, not be, to incorporate one-self at birth? What if A Person were to be born into a corporation and all transactions made by thhem be the corporations actions - if things go south, dissolve the company. (clearly this is simplistic, but you get the idea) I want to re-form myself into one of these corporations which has little retribution for actions. I shall pledge 10% of SamStave INC LLC to any attorney on the ~~~prowl~~~ case...
- jdmichal 9y ago
  This is extremely difficult for a single person to do without piercing the veil. https://en.m.wikipedia.org/wiki/Piercing_the_corporate_veil https://en.m.wikipedia.org/wiki/Piercing_the_corporate_veil
- astockwell 9y ago
  Indeed, this seems only logical. I honestly have this thought every time I make a large financial decision: Renting a house? Would be much easier to break the lease (Should I ever need to) if my surrogate 'corporation' with few assets were the leasee. Ditto with many medical situations/other large expenses. Plus, much better tax deductions!
  - JumpCrisscross 9y ago
    > Would be much easier to break the lease (Should I ever need to) if my surrogate 'corporation' with few assets were the leasee You'll risk losing the assets. If the assets aren't substantial, it's unlikely any landlord will sign the lease with the entity without someone guaranteeing it.
  - fma 9y ago
    Well, this is why most people (including myself) put rental property under an LLC. I wouldn't let a tenant sign the lease as a corporation unless they were a legit corporation - you know, companies rent houses all the time for executives that relocate, etc. If the tenant breaks the lease, I'd sue the company and their assets. Real world example: I did a summer internship one year and the company rented a few houses for the interns. Myself and 2 college guys were in one. Landlord claimed damage on the air conditioner because it iced over due to not changing the filter...ended up getting money from the company.
- HillaryBriss 9y ago
  a one person corporation isn't going to work. you'll need multiple people to serve as officers. that said, the strategy you describe is perhaps workable as a small, close-knit group of reciprocally trustworthy people who leave a sequence of bankrupt corporations in their wake. it could be a sort of financial lobster: a ring-of-trust which occasionally sheds its corporate shell and then immediately grows a new one.
  - StillBored 9y ago
    Consider "service" companies and asset sales. The company name/etc can be valued pretty low and sold to another organization while leaving all the unrealized liabilities in a company without any assets to pay for lawsuits... This seems pretty common with high value items (say pools/AC units/solar installers/etc) providing long warranties. 5 years in, the warranty is worthless because the original company is gone.

samstave 9y ago

Should a sound approach, then, not be, to incorporate one-self at birth? What if A Person were to be born into a corporation and all transactions made by thhem be the corporations actions - if things go south, dissolve the company. (clearly this is simplistic, but you get the idea) I want to re-form myself into one of these corporations which has little retribution for actions. I shall pledge 10% of SamStave INC LLC to any attorney on the ~~~prowl~~~ case...

jdmichal 9y ago
This is extremely difficult for a single person to do without piercing the veil. https://en.m.wikipedia.org/wiki/Piercing_the_corporate_veil https://en.m.wikipedia.org/wiki/Piercing_the_corporate_veil
astockwell 9y ago
Indeed, this seems only logical. I honestly have this thought every time I make a large financial decision: Renting a house? Would be much easier to break the lease (Should I ever need to) if my surrogate 'corporation' with few assets were the leasee. Ditto with many medical situations/other large expenses. Plus, much better tax deductions!
- JumpCrisscross 9y ago
  > Would be much easier to break the lease (Should I ever need to) if my surrogate 'corporation' with few assets were the leasee You'll risk losing the assets. If the assets aren't substantial, it's unlikely any landlord will sign the lease with the entity without someone guaranteeing it.
- fma 9y ago
  Well, this is why most people (including myself) put rental property under an LLC. I wouldn't let a tenant sign the lease as a corporation unless they were a legit corporation - you know, companies rent houses all the time for executives that relocate, etc. If the tenant breaks the lease, I'd sue the company and their assets. Real world example: I did a summer internship one year and the company rented a few houses for the interns. Myself and 2 college guys were in one. Landlord claimed damage on the air conditioner because it iced over due to not changing the filter...ended up getting money from the company.
HillaryBriss 9y ago
a one person corporation isn't going to work. you'll need multiple people to serve as officers. that said, the strategy you describe is perhaps workable as a small, close-knit group of reciprocally trustworthy people who leave a sequence of bankrupt corporations in their wake. it could be a sort of financial lobster: a ring-of-trust which occasionally sheds its corporate shell and then immediately grows a new one.
- StillBored 9y ago
  Consider "service" companies and asset sales. The company name/etc can be valued pretty low and sold to another organization while leaving all the unrealized liabilities in a company without any assets to pay for lawsuits... This seems pretty common with high value items (say pools/AC units/solar installers/etc) providing long warranties. 5 years in, the warranty is worthless because the original company is gone.