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Distributing assets amongst various entities to reduce the risk of one accident bringing the whole corporation down is a well known tactic for larger corporations.
We are a small corporation, but have been advised that we should set up a separate corporation (SA) to hold not just our fleet of cars (currently a “fleet” of two!) but to hold each car separately.
I am all for protecting our assets, but this seems like a lawyer making work for themselves?
Any thoughts?
I only own one car but certainly have it in the name of a corporation…
If I had two cars I would certainly have each of them owned by a different corporation.
It’s just one of the insane games we have to play if we want to protect our assets…
Scott
[quote=”Scott”]I only own one car but certainly have it in the name of a corporation…
If I had two cars I would certainly have each of them owned by a different corporation.
It’s just one of the insane games we have to play if we want to protect our assets…
Scott[/quote]
scott
that strategy will soon cost you and additional $300 per year per S.A.
I have interests in dozens of different companies so yes an additional $300 per year will hurt a little “if” indeed it is passed.
As you well know, there have been many, many different proposals over the years and rarely do they come into play in the same way as they were originally proposed.
“Vamos a ver!”
Scott
[quote=”hones1″]What is the $300 for (I assume a tax, so I mean what is the name of that tax.) Tks[/quote]
This is a PROPOSED tax only, it is not in effect as yet! We will certainly be writing more about it should it be approved.
Scott
[quote=”smekuly”]
that strategy will soon cost you and additional $300 per year per S.A.[/quote]I have two cars and a property and will gladly pay the tax IF it becomes law.
I would rather not have everything I own tied up in a court suit if anything goes awry.I currently have one corporation for my house, and another for my SUV. I will soon be getting a third, for my sailboat. I consider the possibility of paying $300.00 for each, a small price to pay for protection of my assets!
We have our home and our car in separate corporations, too. For one thing, when it’s time to sell, we’ll sell the stock in the corporations with their respective assets but there will be no transfer tax. It’s a simplified procedure.
Of course, our liability is also limited by this approach, but I wonder just how many instances there are of major liabilities accruing to home or car owners. Does anyone actually know of an instance where a court in Costa Rica has actually found for the plaintiff and imposed a heavy liability?
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