CASE STUDY

Strangi v. Commissioner of Internal Revenue

After he was diagnosed with cancer, Albert Strangi underwent many surgeries by way of treatment. Despite his efforts he was told that he had very little life left and that there was no cure for his illnesses. Albert Strangi created a FLP (Family Limited Partnership) and on his deathbed contributed the bulk of his estate into the FLP. The judge's ruling did not challenge the validity of FLPs, but it tested the aspect of personal control. Albert Strangi did not arrange the FLP such that he limited his control, so many tax benefits the entity would have otherwise provided were lost. 

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Keeping your business compliant with the laws governing Corporations (S and C Corps) and Limited Liability Companies (LLCs) is the business of Corporate Correct.

No one knows your business like you do.  But do you know everything you need to know to ensure that your business stays in business?  Most independent business owners incorporate for liability protection, which separates and protects personal assets from business assets with what is called the "corporate veil."  Maintaining that veil is critical to ensuring that your personal assets continue to be protected, and there are a number of corporate formalities that must be observed to maintain the veil.

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