Start Your Own Corporation by Garrett Sutton is a book that offers guidance and insights into the process of starting and structuring a corporation for business purposes. The book focuses on the legal and financial aspects of incorporating a business. Here are the key ideas from the book:
The Importance of Incorporation
Sutton emphasizes the advantages of incorporating a business, including liability protection, tax benefits, and the ability to raise capital. He explains how choosing the right legal structure can impact your business's success.
Different Types of Business Structures
The book discusses various business structures, such as sole proprietorships, partnerships, limited liability companies (LLCs), and corporations. Sutton explains the pros and cons of each and why a corporation may be the preferred choice for certain businesses.
Limited Liability Protection
Sutton underscores the significance of limited liability protection that a corporation can provide to its owners (shareholders). This protection can shield personal assets from business-related liabilities.
C-Corporations vs. S-Corporations
The book explains the differences between C-Corporations and S-Corporations, including taxation, ownership restrictions, and reporting requirements. Sutton helps readers choose the most suitable corporate structure for their needs.
Corporate Formalities
Sutton stresses the importance of maintaining corporate formalities, such as holding regular meetings, keeping accurate records, and adhering to corporate bylaws. This helps maintain the legal integrity of the corporation.
Creating a Board of Directors
The book discusses the role of a board of directors in a corporation and how to create one. Sutton explains the duties and responsibilities of directors and officers.
Tax Strategies
Sutton offers insights into tax strategies for corporations, including deductions, tax credits, and methods to reduce the tax burden legally.
Raising Capital
The book provides guidance on raising capital for a corporation through various means, including issuing shares, securing loans, and seeking investors.
Exit Strategies
Sutton discusses exit strategies for business owners, such as selling the business, passing it on to family members, or going public through an initial public offering (IPO).
Asset Protection
The book explores how incorporating a business can help protect personal assets from business-related lawsuits and debts. Sutton discusses the importance of separating business and personal finances.
Compliance and Record-Keeping
Sutton stresses the necessity of staying compliant with state and federal regulations and keeping accurate records to avoid legal issues.
Choosing the Right Jurisdiction
Sutton explains how choosing the right state for incorporation can impact taxes, legal requirements, and privacy. He discusses popular states for incorporation, such as Delaware and Nevada.
Legal and Financial Advisors
The book recommends seeking professional legal and financial advice when forming and managing a corporation. Sutton encourages readers to build a strong team of advisors.

"Start Your Own Corporation" by Garrett Sutton is a resource for entrepreneurs and business owners looking to understand the legal and financial aspects of incorporating a business. It provides guidance on choosing the right corporate structure, maintaining compliance, protecting personal assets, and optimizing tax strategies for a successful and legally sound business venture.