A Corporation and Lawful Money

[Gregory Harold]

My wife and I are looking into incorporating our medical practice (presently a sole proprietor - not good for protection of assets!). Anything I need to know different relative to establishing a bank account and redeeming lawful money? Or simply do the same as I have done as a sole proprietor relative to lawful money redemption? I am assuming a corporation can redeem lawful money.
Thank you in advance for any input.
Greg

[David Merrill]

My wife and I are looking into incorporating our medical practice (presently a sole proprietor - not good for protection of assets!). Anything I need to know different relative to establishing a bank account and redeeming lawful money? Or simply do the same as I have done as a sole proprietor relative to lawful money redemption? I am assuming a corporation can redeem lawful money.

Thank you in advance for any input.
Greg

[shikamaru]

My wife and I are looking into incorporating our medical practice (presently a sole proprietor - not good for protection of assets!). Anything I need to know different relative to establishing a bank account and redeeming lawful money? Or simply do the same as I have done as a sole proprietor relative to lawful money redemption? I am assuming a corporation can redeem lawful money.
Thank you in advance for any input.
Greg

Something else to consider.

The grant of incorporation comes from the State.
The State will follow public policy of itself and of the government of the United States.

Lawful money may be considered as against public policy, but a court would make that determination.

Also, if you are licensed by the State, you must follow the rules of the State in addition to you being regulated by the police powers of the State.

You may want to consider creating a private business rather than a public one.
Since you are involved in medicine, I'm assuming you have degrees, are licensed, and insured. You'll have to get away from that whole game in order to do private business.
Your profession is considered as regulated. Regulation equals police powers.

Commerce, the commerce clause, and regulation of commerce by police powers are real drags in many areas.

[stoneFree]

I think that protection of assets fear is overblown. I've known several medical offices run without incorporating that never had any asset-related issues. Your general liability & malpractice insurance would cover most any incident of misfortune. And if you did incorporate, the experience of the following corporation appears to indicate the IRS recognizes that LAWFUL MONEY sitting in a corporate bank account is not subject to levy. The IRS backed down even though corporation violated statutes by paying late: http://savingtosuitorsclub.net/showt...h-Lawful-Money

Greg, what software are you using?

[shikamaru]

I think that protection of assets fear is overblown. I've known several medical offices run without incorporating that never had any asset-related issues. Your general liability & malpractice insurance would cover most any incident of misfortune. And if you did incorporate, the experience of the following corporation appears to indicate the IRS recognizes that LAWFUL MONEY sitting in a corporate bank account is not subject to levy. The IRS backed down even though corporation violated statutes by paying late: http://savingtosuitorsclub.net/showt...h-Lawful-Money

Greg, what software are you using?

Have a lifeboat .... just in case.

[JohnnyCash]

Greg, what software are you using?

Guess you know how to shut him up.
Not that I think you were trying to shut him up. I've noticed something about "Hugh Mannity." Over here: http://savingtosuitorsclub.net/showt...olutions/page3 there were parts of his story that didn't add up. And when probed about that he really couldn't answer and ran off. Seems to be a recurring pattern.

[sensi]

why is everyone knocking the sole proprietorship?

When you incorporate with the State, don't you go into joint-venture with it?

If anyone here has read "Which One Are You?" you will notice that corporations (LLCs, C-corps & S-corps) are the taxable entities. That a corporation formed in a State is 'FOREIGN' to the United States. That a 'DOMESTIC' corporation is one that was chartered BY Congress.

If you want to protect your assets, then do what the super-wealthy families do, put them into trusts. Trusts that you do not own, but are the trustee of. That way there is no ownership that can be removed from you. And be smart about the name.

I heard from a guy that when the IRS was after him, they couldn't put a lien on his house because it was in a trust.

If you want to learn about the kind of trust he used, grab the latest copy of "How to Avoid Probate" by Dacey. The guy was dis-barred for teaching people what he wrote about in his book!

[Gregory Harold]

I do not see anything preventing you getting your demand for lawful money into the record.
Regards,

David Merrill.

Yes, I was able to get my demand for lawful money on to the signature card for the corporate account. We'll see what happens!

Greg

[stoneFree]

Great to hear, Greg. Don't suppose we could see a sanitized image?

[Gregory Harold]

Great to hear, Greg. Don't suppose we could see a sanitized image?

I could scan it and it is just a standard bank signature page with the verbiage below my name stating, "All deposits/transactions, paper or electronic, redeemed in lawful money pursuant to 12USC411". At first the bank rep said it was okay to endorse the back of the check with my stamp (lawful money) and it didn't need to be on the signature page. I just told him I like everything to be consistent and would like it to be on the signature page also. He thought for a moment and said, "okay". What I have found is, if I don't make a big deal about it, and just state what I want in a non-emotional way, the bank people are very cooperative.
Greg

[David Merrill]

Yes, I was able to get my demand for lawful money on to the signature card for the corporate account. We'll see what happens!

Greg

I could scan it and it is just a standard bank signature page with the verbiage below my name stating, "All deposits/transactions, paper or electronic, redeemed in lawful money pursuant to 12USC411". At first the bank rep said it was okay to endorse the back of the check with my stamp (lawful money) and it didn't need to be on the signature page. I just told him I like everything to be consistent and would like it to be on the signature page also. He thought for a moment and said, "okay". What I have found is, if I don't make a big deal about it, and just state what I want in a non-emotional way, the bank people are very cooperative.
Greg

That is delightful!

[JohnnyCash]

Greg, what software are you using?