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The problem would then become people using their corporations to make all of their purchases. Their corporations would own their yachts, their houses, their ca
by bitreality 8y ago
The problem would then become people using their corporations to make all of their purchases. Their corporations would own their yachts, their houses, their cars, etc.
So as a person, any time you can utilize a corporation's resources without drawing income, you are cheating the system. This definitely already happens, but in your case it would go to another level.
- smitherfield 8y ago>The problem would then become people using their corporations to make all of their purchases. Their corporations would own their yachts, their houses, their cars, etc. This is illegal.
- ardy42 8y ago>> The problem would then become people using their corporations to make all of their purchases. Their corporations would own their yachts, their houses, their cars, etc. > This is illegal. Citation, please.
- bitreality 8y agoIt's illegal if it's provably done for personal use. But when you have money, you can create a legitimate company with a legitimate reason to have a yacht. Perhaps the yacht is essential to your meetings with other high net worth individuals, to discuss important business. When your friends all have $10-100M, the lines between business and personal events are constantly blurred. Take a real life example. Look at Bill Perkins. He live streams poker from his boat. The boat is essential for setting the atmosphere for the live stream. Look at Tai Lopez. He purchases / rents luxury vehicles and residences to portray himself as successful, which is important to his brand. So where do you draw the line?