A Tale of Woe: How to Lose it All

Cover Your Assets
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A few years ago, on a flight back to Atlanta, I met a well-dressed man from the Northeast. He introduced himself as George, and he seemed stressed.  Very stressed.

After a bit of polite back and forth, he started to tell his story. See, George didn’t just look successful. Not just an empty suit. In fact, he had built his own business from the ground up, with his own two hands. When he found out I owned my own company, this is what he said…

“Rob, tell me you’ve been keeping your corporate records.”

Me: “Well, mostly.”

“Rob, right now, I’m on my way to my second home to close it out. See, I didn’t keep my records well enough, just too much day to day business stuff, too busy growing my company, never thought it was important, it was too easy to put off.”

George’s voice drops to half the volume, “Then the subpoena came…I was being sued by a disgruntled ex-employee over nothing and they got a court order demanding all my corporate records.”

George continued,  “I didn’t know what to do. I tried to pull my records together, but I hadn’t touched them since I started the business.  And it was too late to update everything. In fact, trying to make any changes at that point would just make me look guilty.”

The pain in George’s voice was hitting me hard… 

“I’ve already spent $20,000 in legal fees since they’ve started piercing my corporate veil. And it looks like I’ll be losing much more than that, probably $100,000 or more. And that’s if I win. A part of my life, of my family’s life, has been taken away.  I’m on my way now to sell our property in Myrtle Beach to pay for all this and I haven’t had the heart to to tell my wife we have to sell it.  There are so many memories there and we all love that place.”

I was stunned.  I had no idea this was possible.  Talk about a huge wakeup call.  You can guess what I did as soon as I got back home.

There was no way I was going to expose myself and my family after seeing what George was going through. And, especially since I wasn’t being sued, I still had time to act and get things right.  The fix was necessary and didn’t take much time. What’s a few hours to save everything?

It’s this experience that triggered the thought to develop the Corporate Veil Pro system.

George made me aware of a major problem… especially when I learned lawyers seeking damage claims are able to pierce the corporate veil very often and get right to the personal assets of the owners. 
The reason? 
Lack of proper documentation and a few other big No-Nos I will explain…The odds are stacked against us corporation owners.  More than 90% are not compliant.  You don’t have to fall victim through ignorance. 
There’s no excuse at this point… you have been warned!

 

If your records aren’t up to date, if you don’t have minutes from your annual meetings—even if you’re a one man operation—you’re exposed. There’s zero reason for you to open yourself up to predatory lawsuits.

Get serious and take action now:

Order Corporate Veil Pro Today… It’s Sleep Insurance

Sincerely,

Rob Northrup
President, Basecamp Publishing Inc.

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16 Comments

12 Comments

  1. Chris MoranNo Gravatar (1 comments)  •  Nov 14, 2008 @7:50 am

    Nice writing style. Looking forward to reading more from you.

    Chris Moran

    Reply

    Rob NorthrupNo Gravatar (84 comments) Reply:

    Thanks for stopping by Chris and commenting, your blog is excellent too, and I put it on my reader…
    Rob

    Reply

  2. John HoNo Gravatar (86 comments)  •  Nov 14, 2008 @8:14 am

    e come with nothing, we’ll leave with nothing. But in between the 2, we need to keep something!

    Romance coach April,

    Was my previous comment here ~3 days ago comes on too strong? Ir might be not your cup of tea anyway.

    Now, knowing you as an expert in Online Dating, what ydo say about the following current UK news on ” Couple divorce after virtual-world ‘affair’ “?

    It also brings in the Q on “What is Reality? ”

    John Ho

    Understanding Personalities Through Numbers for Better Influence & Persuasion (blog)

    Reply

  3. Jennifer SkinnerNo Gravatar (42 comments)  •  Nov 14, 2008 @8:35 am

    Great post, Rob. I like your use of story to bring the point home.

    Jennifer Skinner
    Wardrobe Planning Expert

    Reply

  4. SusanNo Gravatar (13 comments)  •  Nov 14, 2008 @10:10 am

    That’s an eye opener Rob and a sad (too often heard) story. If only we (including me) would get our acts together, we would be saved from this possibility.

    Reply

  5. Matthew ShieldsNo Gravatar (36 comments)  •  Nov 14, 2008 @10:42 am

    Hi , Rob
    Indeed yes so many do not understand this is so very important I have started to spread the word about your invaluable resource
    Happy Trails
    Matthew Shields
    Energy Management Software
    Anything Solar

    Reply

    Rob NorthrupNo Gravatar (84 comments) Reply:

    Thanks for spreading the word, you are doing them a great service, and I appreciate it too.
    Rob

    Reply

  6. Steve ChambersNo Gravatar (103 comments)  •  Nov 14, 2008 @11:30 am

    Everyone of us who either owns a business or plans on owning a business should take a lesson from his experience and keep our corporate records up to date.

    Steve
    Persuasion Tactics

    Reply

  7. Lisa McLellanNo Gravatar (90 comments)  •  Nov 14, 2008 @12:03 pm

    Lesson learned! This was a great way to drive home a point. I really feel bad for that guy.
    Babysitter Tips

    Reply

  8. Cindy EyansonNo Gravatar (36 comments)  •  Nov 14, 2008 @2:26 pm

    Great lesson!
    Cindy

    Cindy Eyanson Online

    Reply

  9. Philip GravesNo Gravatar (52 comments)  •  Nov 14, 2008 @4:17 pm

    Stories are such a great way to get a point across without sounding preachy – but by no means easy to pull off.
    Nice job!
    Philip

    Reply

    Rob NorthrupNo Gravatar (84 comments) Reply:

    Philip,
    And this story happens to also be true… which makes it all the better.

    I never found out what happened to George, but he was very upset when he saw how miuch damage could be caused by such a small omission…

    the fact of the matter is that these records can be kept up in an hour a year or so, there is no reason for them to not get done, except lack of knowledge or laziness.
    I aim to try to solve both…

    Rob

    Reply

  10. LenaNo Gravatar (39 comments)  •  Nov 14, 2008 @8:30 pm

    Goodness, so many things to keep in mind to always feel balanced and in control. Where is it possible to get kind of a list of what you should keep a track of and do to be up to date with everything?
    How not to miss a lot of things?
    Improving Communication in Business and personal Life

    body language blog

    Reply

  11. David J. ParnellNo Gravatar (38 comments)  •  Nov 14, 2008 @10:56 pm

    A good lesson for us to learn… ideally not at our expense…

    David J. Parnell | Communication Expert
    The Communication Expert Blog

    Reply

  12. Robert KauferNo Gravatar (24 comments)  •  Nov 15, 2008 @12:22 am

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