A sole proprietorship, a partnership, and an S-Corporation are all part of you. They are, in simple terms, an extension of you.
When you do business, you want a clone of you actually doing the business.
You do not want to do business or own anything as a private citizen..
If you want to be a rich private citizen, you need to be as poor and penniless as possible on paper.
The poor and the middle class, on the other hand, want to own everything in their name. "Pride of ownership," they call it.
I call anything with your name on it "a target for predators and lawyers."
The rich do not want to own anything but want to control everything. And they control via corporations and limited partnerships.
Proper financial planning for both the family and the business might - through the use of insurance,trusts,limited partnerships, or corporations - have prevented this family from losing its livelihood.
