THE CASTLE KEEP ASSET PROTECTION STRATEGIES GARRETT SUTTON
But what if your California entity was originally formed in a lowcost state such as Wyoming ? That is Sammy ’ s moneysaving strategy . The developer entity is formed in Wyoming and qualified to do business in California . Qualifying in California is required since the house is being constructed in California . But once the house is sold , the entity no longer conducts any California business . It is free to stop paying California fees and only has to pay the minimal Wyoming fees of $ 50 per year . Assuming the same $ 125 annual resident agent fee , the cost of maintaining a Wyoming entity for 10 years is only $ 1,750 versus $ 9,250 for California . By forming the entity in Wyoming , qualifying in California for only as long as necessary and then keeping the entity alive in Wyoming until the tenyear statute of limitations runs out , Sammy is able to affordably protect himself and his other assets .
Sammy ’ s three strategies for remodels , holdings , and spec home developments serve him well and he has prospered without any further devastating litigation . His modern day castle keep are properly formed and properly maintained LLCs and LPs .
For more information on this and other title matters , please read my book Loopholes of Real Estate or visit CorporateDirect . com
Garrett Sutton
Garrett Sutton is an attorney , speaker and best selling author . As part of Robert Kiyosaki ’ s Rich Dad ’ s Advisor group he has written six books which have been translated into 11 languages . Garrett focuses on corporate and asset protection law and speaks to audiences on the importance of asset protection . His advice is pertinent , timely and valuable .
Garrett received his Juris Doctor Law Degree in 1978 from Hastings College of the Law , the University of California ’ s law school in San Francisco . He received a B . S . in Business Administration from the University of California , Berkeley , in 1975 . He is licensed to practice in Nevada and California .
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