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FTC Question? (14)

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When the FTC freezes your assets like they have for some affiliates like Tanner etc, do they freeze just the LLC bank account or like everything including your personal accounts, parents accounts, etc? Like I read somewhere that they took affiliate cars as well, but what if its under someone elses name or a parents name for example but you are like a beneficiary or something...

I just want to make sure I'm keeping my money safe and I'll be going to a lawyer soon to get an LLC setup and separate business accounts, and to get a few more questions answered pertaining to my business...

Not that i'm doing anything shady just better safe than sorry right especially these days im assuming..



ALSO: Since we are an online business can't we make an LLC like in some random state that has no business tax? I heard of people doing that but don't know much about it... Any help would be appreciated!

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I'm not sure about the FTC part.

In terms of tax I'm researching offshore havens with my accountant, it's looking like Cayman Islands. It's looking like costing 60k-80k to get fully set up for the year accountant and legal fees included. It definitely seems worth it.

I'm not sure about US rules, but if I were you I would invest in a decent accountant that has experience with setting things up offshore.

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The FTC usually seeks a court injuction to freeze assets ... the FTC cannot do it, it takes a court order.

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IANALOA please consult with a professional:
From the news releases I've seen they usually get an order to freeze assets of the principals too - usually the suits are against both the company and the Owner.

In terms of taxes and companies - just set it up in the state you live, or set it up somewhere else and then register as a foreign corp in your state. Where your domiciled is what matters for an s corp or LLC. If you set up a C corp that's a different issue.

The easiest thing is to move to one of the 7 states without state income tax and not worry about it.
US Rules are draconian:
All US citizens, wherever they live in the WORLD, have to file and pay taxes, file an FBAR on any account they own and/or have signature authority when the combined amount of all overseas accounts is $10k, and FACTA has made it even worse. The only real exemption is up to $90k of earned income a year, everything else is taxable.

If you are attempting to evade tax, this is stupid and illegal. Hell hath no fury like a taxman scorned.
If you are attempting to move assets offshore for liability reasons, it's reasonable but it needs to be set up and reported, filed properly and the paperwork is a bitch.

To summarize: US Citizens take it up the ass. There is nothing illegal about having money off shore but you better keep it compliant. I would stay away from the Cayman Islands as it could increase chances of audit when reported, who knows.





When has a court ever refused the freeze request? The courts, certainly in the initial stage, tend to comply with gov requests.

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Ya cuz Mo Green is from NZ he gets treated differently.....but for us US citizens its not as kind

My advice is seek both legal and tax advice....there is alot of misinformation....it will cost you a a few k to have the chats and get with a qualified person....but its worth every penny

The post above from ari is very much correct.....the US is currently on the warpath of anyone they think isnt not paying their far share or trying to avoid....and its serious stuff too its not just a slap on the wrist....its flat out tax evasion a criminal offence....nothing to take lightly

seek professional advice

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Last I read the US was basically locking down the law so that no matter where your money was, how it was generated, moved, stored and transferred to you - the moment it entered the US and went into your wallet you pay tax on it. It's pretty crystal clear if you think about it in a 'honest' way. When you get money that you can spend at your leisure it's your taxable income and should be declared as such. At least that's where the law is heading.

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Why you calling me out?

"The FTC obtained a preliminary injunction in 2009 but failed to get an asset freeze, which allowed the defendants to keep advertising under the strictures of the preliminary injunction and, equally importantly, to continue to pay for a defense – all the way to trial if necessary. "

http://www.ftcadlaw.com/ftc-scores-b...drtv-veterans/

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Mea culpa. They still got their ass handed to them. Also even without an asset freeze once theyve already come after you the court doesn't look kindly about owners shifting assets. So if you want to protect yourself it has to be done beforehand. Again talk to an experienced asset protection lawyer and a good tax accountant and maybe a tax lawyer to boot. Quality advice will save a world of hurt down the road.

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This was always the case really. The only people who get away with it are the big corps who do a double irish

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Double Irish sounds like a delicious coffee. And yeah I realise it was always like that, is in most countries, though I remember reading somewhere that they were doing something to address the various ways people/businesses were trying to get around it. I'd rather pay my taxes properly and avoid the issue, though I guess when you're making big bucks being able to squeeze out that extra % can be massive.

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The situation for US citizens is kind of crazy. In Spain for example if you set your residence in what is considered a tax haven, you are still forced to pay taxes in Spain for 4 years (even though you don't live here anymore). After that, you are free of tax obligations. But as a US citizen, there's no way out unless you give up your citizenship. The case of Eduardo Saverin and many other millionaires.

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It's always best to get legal advice from the forums.

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I get my legal advice from Gevirtz Receivables

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Absolutely have everything (corporation/business-wise) set-up properly. They should have gotten fried ... they were ripping people off.

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