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Incorporating vs sole proprietorship

Contracts, Trusts & the corporation sole; what they are & how they relate with one another.

Moderators: Tnias, Jus

Posts: 3
Joined: Sunday May 17th, 2009 5:36 pm MDT

Incorporating vs sole proprietorship

Postby Spielz » Friday May 22nd, 2009 6:06 pm MDT

If you incorporate, you should know all the benefits you will claim, and all the detriments you will incur. Corporations have to pay double taxes whereas a sole proprietorship doesn't. A sole proprietor does not have to pay corporate taxes nor "employment" taxes if they understand the whole legal end.

Whatever one does, one should and must file a "dba" if they want to protect the name of their business and endeavor. That's all a "dba" does! It gives notice.
The term, "dba", is short for "doing business as". filing a dba can be as easy as publishing the business name in which you intent to do business in the business legal notice lists in a recognized newspaper in the local county where the business exists; or, it may need to also be published with the state's list of businesses, usually maintained by the Secretary of State in the Corp. State.

A sole proprietorship, or simply proprietorship (British English: sole trade) is a type of business entity which legally has no separate existence from its owner. Hence, the limitations of liability enjoyed by a corporation and limited liability partnerships do not apply to sole proprietors. All debts of the business are debts of the owner. The person who sets up the company has sole responsibility for the company's debts. It is a "sole" proprietorship in the sense that the owner has no partners (partnership). A sole proprietorship essentially refers to a natural person (individual) doing business in his or her own name and in which there is only one owner.

A sole proprietor may do business with a trade name other than his or her legal name. In some jurisdictions, for example the United States, the sole proprietor is required to register the trade name or "Doing Business As" with a government agency. This also allows the proprietor to open a business account with banking institutions.

The advantages of a sole proprietorship are ease to start up, relatively fewer regulation, full control over the business, easy to discontinue. A sole proprietorship is not a corporation; it does not pay corporate taxes, but rather the person who organized the business pays self employment taxes on the profits made, making accounting much simpler. A sole proprietorship also does not have to be concerned with double taxation, as a corporate entity would.

A business organized as a sole trader will likely have a hard time raising capital since shares of the business cannot be sold, and there is a smaller sense of legitimacy relative to a business organized as a corporation or limited liability company. It can also sometimes be more difficult to raise bank finance, as sole proprietorships cannot grant a floating charge which in many jurisdictions is required for bank financing. Hiring employees may also be difficult. This form of business will have unlimited liability, so that if the business is sued, the proprietor is personally liable. The life span of the business is also uncertain. As soon as the owner decides not to have the business anymore, or the owner dies, the business ceases to exist. The business owner must also be well rounded, as he or she will take charge of all aspects of business.

In countries without universal health care, such as the United States, a sole proprietor is also responsible for his or her own health insurance, and may find difficulty finding any if one of the family members to be covered has a previous health issue.
Another disadvantage of a sole proprietorship is that as a business becomes successful, the risks accompanying the business tend to grow. To minimize those risks, a sole proprietor has the option of forming a corporation. In the United States, a sole proprietor could also form a limited liability company, or LLC, which would give the protection of limited liability but would still be treated as a sole proprietorship for income tax purposes.

There are more than 25 million business firms in the U.S. today. Of these, more than 19 million are small businesses owned by one person.

Beware of terms used by corps. Employer, employee, wages, income.

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Re: Incorporating vs sole proprietorship

Postby Admin » Saturday June 20th, 2009 4:41 pm MDT

:h: Spielz:
We appreciate the time you took to provide the information in your post; however, we also remind you that your post failed to follow our Forum Rules, which requires all posts to follow the purpose for our Open Forum system; which is to eliminate e-mail to and from Team Law. The idea is, if people can ask us their general questions in our Open Forum, others can read their posts, learn about Team Law and our work to preserve our country and thus eliminate the repetitious need for others to send us similar e-mail; thus, we can disseminate massive amounts of information without repeating ourselves much. We moved your post from the Miscellaneous Topics Forum, to this Forum because it deals with business systems.

We did not remove your post for failing to follow the Forum Rules only because the post had been on the forum for a while before we had an opportunity to respond to it and it presupposed a few things from the conventional world of asset protection system logic and taxes that are contrary what we have already presented.

Accordingly, if people are interested in asset protection systems we believe the best place to go to learn about such systems is The Way of Kings™ (a private asset protection system packaging company). Though they do not provide management, training or support services, their website provides a simple description of the best information we have seen on the business entities used in asset protection systems and shows how and why each is used or not used for specific business purposes.

Your post provided information on the sole proprietorship, which has the same effect as a general partnership in that the business is in effect one and the same person as the person that controls it.

The only advantage in law of such a situation is that you can act without representation (without an attorney) in all legal matters. The problem with what you proposed was not in what you wrote so much as it was in the presupposition that such a party was required to pay taxes. Considering the fact that virtually every source of review reports the Tax Code as incomprehensible such an incomprehensible code would be impossible to comply with and accordingly implying that the sole proprietor would have to pay self-employment taxes seems just as incomprehensible. In fact, according to IRS, only registered taxpayers can file tax returns on their forms and considering the many Supreme Court rulings that indicate taxes apply to taxpayers and not to those that do not qualify as such. We expect such relations regarding taxes would best be left to discovery through a thorough review using the Standard for Review to discover any relevant liability. We also expect such a review would require filing an IRS Procedure 1 filing to discover what form was the proper form and what law required that form’s use.

Further, when people begin the Standard for Review process and discover the first Law man ever received and the covenant the Creator offered to man related to that Law, we expect they will also discover that though man was promised an inheritance in the Kingdom of Israel, he was also informed that he would receive his inheritance after his final judgment; thus, not in this lifetime. Thus, man did not receive ownership of private property; rather, he received stewardship in that Kingdom. Man was later informed that if he took his inheritance before it was given to him (after judgment), he would already have his reward and yet would have no promise. Thus, even as God has created this earth, He is the actual owner of all that he created and he commanded man to be fruitful and multiply, replenish and subdue the earth for the purpose of building up God’s Kingdom, not his own. Though this is the stuff religions are made of we are simply looking at it here as an element of law.

We know most of the followers of the Christian, Jewish and Islamic faiths (followers of Torah, a.k.a. the Law of God, a.k.a. the first five books of the Holy Bible) indicate that everything belongs to God; still, when we look at the documents and Real Estate records and other records of property ownership, we find the records almost exclusively show Corp. U.S. registered taxpayers are the owners of record.

From further review of scriptural admonitions we can see the warning for our times: ‘If it were possible, even the very elect will be deceived’; regarding the deceived we learn, ‘with their lips they do honor me, but their hearts are far from me’; however, the following physical test will allow even the deceived to break the deception and learn where their hearts are, ‘Look to what they do with their riches and there will their hearts be also’; followed by, “No man can serve two masters: for either he will hate the one, and love the other; or else he will hold to the one, and despise the other. Ye cannot serve God and mammon.” Though we paraphrased the scriptures for their combined effect, the quote at the end relays the proper message. Looking at the property ownership records we referred to in our last paragraph, we see the records show virtually all of the property/riches (treasure) is owned by the listed taxpayer.

If we follow the Standard for Review to understand who that taxpayer is, we will discover it is either a Social Security Administration created Trust or some organization (partnership, corporation, etc.) created under the authority or control of such a Trust. In other words, the taxpayer is not you; rather, it is a business entity created by Social Security Administration as an agency of Corp. U.S. Then, if we consider that in 1944, under the Bretton Woods Agreement, Corp. U.S. provided the International Monetary Fund (hereinafter “IMF”) the assets of Corp. U.S.’ treasury as the IMF’s individual drawing account in exchange for the Corp. U.S. President controlling the governors and general managers of the IMF—then we can know who Mammon is. Thus we may call such taxpayers (Social Security Administration created trusts), Mammon Trusts; and we get a new understanding of the meaning of those paraphrased scriptural references as we see they apply to us—the deceived.

Thus, we discover that we failed to follow the first Law, to be fruitful and multiply, replenish and subdue the earth for the purpose of building God’s Kingdom; and, instead being seduced by the ways of our times we thought we took our own ownership (inheritance) of the things of this earth as we participated with the Social Security program. The harsh reality, discovered by studying the facts in the face of the Law simply proves where we were putting our hearts and the necessity for our repentance from that ignorance.

Accordingly, we would never operate a business as a sole-proprietorship; rather, we would learn the law and learn what The Way of Kings™ provides and then we would do all we could to get back on track with the First Law man received counting on the promises that come with it.[hr][/hr]Some people begin to get concerned when they consider not owning any private property. They worry about losing all of the comforts of living with the things with which they have become accustomed. To belay that concern, we remind them of two things.
  1. John D. Rockefeller seemed quite proud of the fact that he was a pauper. In fact, he owned nothing. He is rather famous for saying, “From birth to death, I pauper I’ll be.” Though he owned nothing, he controlled much and he lived with all of the creature comforts one might imagine. Again, the key is not ownership; rather it is control. Mr. Rockefeller had significant control over the things of this world even though he owned none of them.
  2. The King of Kings has promised us that if we will follow His law, He will provide all of our needs whenever we have need for anything. We have experienced that promise and can attest to its accuracy and unlimited power. Quite frankly, we would much rather have His promise and lifestyle over any other option.
The real problem is “ignorance”. Ignorance is how we got into the situations we find ourselves in today. Ignorance is the reason we stay where we are. And, Ignorance is the only way we can justify any failure to correct the problem.

Which brings us back to the purpose of Team Law; our purpose is centered in helping people learn how to self-educate. We have been quite successful in the process. Thus, if you find yourself in a situation where you are ignorant and you recognize a desire to remedy the problem, perhaps you should give us a call—we can help.

We hope this information is helpful to you.
Tell everybody about Team Law! :t^:
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