Are you are starting out, building or expanding your business and worried that what you own may be at risk?

Shield what you own from the dangers of the business.

For over 40 years, Legacy Legal has been serving business owners by setting up entities to shelter their personal wealth from the dangers of business. As a bonus, Rich Gaines, with his advanced degree in tax law, brings an added dimension to the business discussion by presenting tax strategies and tactics for the business owner to achieve maximum profit.

  • Corporations
  • Limited Liability Companies

As the saying goes, fences make good neighbors. Locked doors make it harder for burglars to get into your home. Root barriers keep unwanted plants from invading your garden.

Putting a force field around your business keeps unwanted people from breaking through and going after what you own personally. Simply put, that means you are protecting what you own personally, from being exposed to the risk of your business.

Are you selling a product that has inherent risks? If so, no matter what size of your business, having the right protection is essential.








  • Exactly what is a corporation?

    Exactly what is a corporation?

    Think of a corporation as a box. The box is your business. Everything outside the box is what you own personally, your house, cars, boats, your investments and so forth. The assets and operations of the business sit inside the box.

    The box i.e. your business takes care of customers, clients, products and renders services. The box has walls around it. So, if there is a problem and someone outside the box decides to sue you, they can only sue the box. That means that what you own outside the box is protected from the lawsuits.

    To keep your personal wealth protected, you have to make sure that you run your business properly. This includes following some rules, keeping what you do in the business separate from what you do in your personal life and other similar matters.

  • What is a Limited Liability Company?

    What is a Limited Liability Company?

    Sometimes, what was intended to be simple becomes complicated. A limited liability company or LLC originally was developed and intended for the real estate industry. It allowed investors in real estate and the companies in charge of managing the real estate all to avoid liability.

    Since its development, LLC’s now have become common for people starting out in business. Like the name, it allows for limited liability, just like corporations. There is an added benefit. Corporations have shareholders and directors and every year they are required to have meetings or adopt resolutions about what they did for the year. LLC’s have no such requirement which makes them easier to operate.

  • Why isn’t a Limited Liability Company good for doing business?

    Why isn’t a Limited Liability Company good for doing business?

    The problem with an LLC is that from a tax law perspective, when you operate an LLC, the owners must treat the money they make as income subject to what is known as the “self employment” tax. This is a ghastly tax on top of the income tax and there is no way around it. The tax rate is about 15%. Without getting into all the gory details, there are tax strategies to combine the benefits of an LLC, with certain corporate tax rules to reduce the ravages of the self employment tax.





  • What are some of the tax benefits of having a Corporation?

    What are some of the tax benefits of having a Corporation?

    Lions, tigers and bears Oh My! There are C Corporations and there are S Corporations. Each one has advantages and disadvantages. Depending on the tax law at any given time, having a C corporation can reduce the taxes you pay. Having an S Corporation can help reduce the “Self Employment Tax”.

    What could be better than putting money away and never having to pay tax? When a business is operating smoothly, consistently and with rock solid foundations in place, setting up plans to invest and grow your wealth are valuable discussion points.

  • Who are some of the people and industries that have benefitted from your work?

    Who are some of the people and industries that have benefitted from your work?

    • Doctors
    • Dentists
    • Engineers
    • Entrepreneurs
    • Inventors
    • Manufacturers
    • Service Organizations