Mr. Untouchable said:
master P
that nigga is bankrupt--he doesnt have anymoney
Just to let you know, just becuase someone is bankrupt that doesnt mean they dont have any money.
Quick Business Lesson:
-You start a corporation that ends up being worth $400,000,000.
-You make yourself an employee of hte corp.
-All the money made goes to the corp and you pay yourself a salary (Which can be as high as you deem)
-Everything you buy as a "business expense"(Cars, watches, houses, equipment) is all tax decutable
-PERSONALLY you have NO money, the Corporation does, BUT you own the Corp.
Application:
Say you're company that you started is now woth $400,000,000. Say you're drving a long in your Phantom (Company car) and you crash into some broke person honda Civic DX. He knows who you are and he knows your caked so they get a lawyer to sue you, and he's expecting to make a buch of money. Well if your Corp. owns everything and you own nothing, when they go to sue you you'll be "BANKRUPT". Now that broke person can't touch any of your money cuz you techinally don't have any.
Just cuz someone is Bankrupt, that doesnt mean thier Corp. can't be worth billions.
Jos