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“What extent our shareholders personally liable for the debts or obligations of the corporation and and personal liability as we discuss means that their personal assets. Their bank account their their car their other assets could be subject to attachment or reach by creditors of the corporation. So to what extent is that so well generally shareholders are so removed from the corporation that they face no personal liability for the debts and obligations of the corporation that debts and obligations. Include both potential liability for tort actions.
That is the corporation s being sued and the corporation doesn t have enough assets to pay the judgment. And the plaintiff might look to also include a shareholder or these shareholders in the action to seek to recover the judgment from the shareholders personal assets. Same thing in a contract action that is what contracts entered into by the corporation or its agents could subject the shareholder to personal liability that their assets could be used to satisfy and the obligations. Under that contract well generally as i said this does not happen.
But there is one notable scenario that allows for shareholders to be held personally liable for the the duties and debts and obligations of the corporation. And this is called piercing. The corporate veil or piercing the veil of personal liability protection. That is the corporation is said to provide a veil of protection to its shareholders were whereby they avoid personal liability.
Well piercing that veil would again subject them to personal liability. So. What does it require to pierce the corporate veil well generally it requires that the shareholders somehow use the corporation as a shield. Okay that the corporation itself is really just the alter ego of the shareholders themselves that it s not truly a separate inity not truly a separate fictitious person that the shareholders have an interest in but rather.
It s the shareholders themselves carrying on business and the corporate entity forum is just as i say a falsity that that is said to exist. But really has no other function other than to prevent the rightful obligations of the shareholders for the beds of the corporation. So what is evidence that the corporate entity forum is just the ultra ego of the shareholders. What factors when a court.
Consider in saying. Okay shareholder. You re subject to personal liability for the debts or obligations of the corporation. Because okay that well to start with you look to see if the shareholders kept up if the corporation itself followed the business formalities that it s supposed to that is keeping records.
The corporate meetings. The voting and separation of roles within the corporation. So there s that formality requirement on corporate procedure and then there s the role that the shareholder play was the shareholder regularly acting in other roles in the corporation and avoiding the formalized structure. That is supposed to exist was a shareholder acting in the in the role of an officer in one situation.
Director and shareholder and another without a clear delineation between their actions at all okay. And the more so that those roles are intertwined and there s a lack of formality in separating those functions. It looks more likely again the the corporation is just a show in just the alter ego of the shareholder. Perhaps.
The most important though is corporate assets to what extent did the shareholder use or treat corporate assets like his or her own assets and vice versa to what extent worthy. The corporation. Just simply draw from the shareholders assets well without some level of documented or formalized capitalization of the corporation and then there s the maintenance of its own accounts. It s on assets and things like that for the operation of the business.
Now if there was no separation. There if the corporation routinely used personal checks of the shareholder to pay corporate debts and the shareholder routinely used corporate assets or paid personal debts from the business or corporate accounts. Then again that is the strongest evidence that the corporation was just a shell for the shareholders themselves in that case could alone without any other factors lead to a piercing of the corporate veil and then the next one would be capitalization. Okay we talked about that capitalization is the shareholder putting money or funds into the corporation or assets into the corporation for its continued operation and function well if shareholders routinely pull out all of the money or assets out of the corporation to leave it an empty shell okay that is they raid the raid.
The bank account and leave very little money in it they pull out any assets that it can and they simply use the corporate shell as an operational shell and they ll put any in any assets. They need for particular function or things. Like that this under capitalization demonstrates that the shell is just being used to mitigate risk. And it s not truly an entity an organization that exists separately from the shareholders.
Ok. So the court would look to see whether it s undercapitalized in that way far too undercapitalized to carry on its operations. Without the direct continued investment on a shareholder in that way in another situation would be if there is no insurance perhaps to cover corporate liability. Ok that can be another factor towards under capitalization or lack of capitalization so these are the primary for cap factors.
That the court will consider in determining whether shareholders should be personally liable for debts and obligations of the corporation. loan. All this stuff will matter it ton so that s why i m going to teach you guys exactly the factors that make you have a better higher stronger credit score sounds like a movie right like a commercial. But i got it done for you oh and by the way guys.
If you guys have a very good credit score from the first credit card. You actually have but it still trying you the same interest just call in an accent like a my credit score has gone up. I m actually more responsible now. So i want my interest rate to go down also and they ll probably say yes negotiate with them and usually they gonna go she ate down if your credit score has also gone up because now you qualify for a better interest rate.
So make sure you call in and ask for a reduction because that s what i ve done a lot of times and always get my entire interest rate reduced. Because again my credit score goes up all the time and now that you guys know exactly why it s so important to have a higher credit score. Because you ll get scammed. If you don t have it well.
The answer is this guy s okay now let s talk about what it takes to actually increase or decrease your entire credit score. Now the first thing is this guys. What you want to do is every single time when you get a bill sent to your house with your credit card or your loans. You want to make sure you always paint off on time.
So make sure you make a payments on time. Now. Here s why guys this accounts for around thirty five percent of your credit score. So if you don t pay on time it ll cause your credit score to sink down like a rock now for example guys when i was in college.
I got my first credit card okay with this credit card. I went ahead and i bought a laptop embarrassing story by the way i bought a macbook pro laptop for around three thousand dollars. Okay three thousand dollars. But at the time i had job earning around a thousand bucks per month it was work study okay now in this job.
I said to myself oh i m not gonna run out the job okay i m not gonna fire anytime soon so i should be good to go now it turns out work study you can only do a certain amount of hours so literally the next month. I basically got laid off and i was like hey what am i gonna do with these payments. I can t afford them anymore. The answer is guys i had to hustle really hard because if i miss any payments that would stay with me for a very very long time so.
What i did is i made the minimum payments. I never missed the payments and when i had another job. I paid off in full but for the moment. I couldn t miss a single payment and here s why guys okay your credit score.
The people that account for it the fair isaac rule. Where we want to call it well these people are extremely petty meaning that if you miss a payment. Okay. It s going to be on your record for the next seven years kinda like a felony.
Okay i don t know why it s so long. But it s going to remain an entire credit score for seven years for example if i miss a payment back then when i was eight years old well i would have to wait on term 25 to actually see that payment as he get dropped off so that s why i always say if you can t pay it off in full just pay off the minimum payments and that way you don t get hit with a delinquency of seven years like a felony because again that s a long time and to me. It s very petty of them. But i do get what they would do it but not really so just make sure you pay your credit cards your loans everything off on time and that way you avoid having this felony on your entire credit report and now the second factor that plays a large part and getting a very excellent credit score above 800 or above 760 is actually keeping your entire credit balance.
Very low. But tommy why in the heck would i get a credit increase or credit card. When i can t even use the full amount without getting my entire credit score decreased. Well the answer is i don t know it s make any sense.
But the point is the reason to do is because it s called your credit utilization. So the more money you actually have on your entire credit cards. It looks like you are about to default it looks like you re very high risk. And that s why it affects your credit score.
The way it does well it affects your credit score around 30. Okay. So this makes a big difference so guys remember begin the video. When i told you guys hey my credit score was a 631 back in january of 2019.
Well in reality. Before that time. I had a 745. But tell me what culture critics were to drop so high well.
It was this and here s how it worked okay back then what i did was i borrowed a ton of money from my credit line. So basically i took all the money out for my credit line as my credit cards and i took that money out i invested it made more money from it and that caused my entire utilization to actually go up to around 80 meaning. I was using 80 of all my credit cards and that s insane honestly okay he s like it s insane. But that s what i was doing and that caused my credit score to sink down by run out hundred points.
Just like that. But that also means that basically a year later in january and february when i was done paying all that debt off because again. I made the money. I put the money back.
Well. Guess. What now my credit score shot up by another 100 points. And now.
I m back to normal at a 749 and by march of this year 2020. By the way. I should have a credit score above a 760 which would qualify me for a very excellent credit score. So the point is you want to maintain your entire credit score used between 30 and below.
And if you really want to have a very high credit score you want to maintain it below 10. I tell me what does this mean it means that every time you use your credit card. Every single month well you want to pay it off in full every month. And that way you maintain that 10 and below balance.
And that s how that works now the third factor is actually you want to avoid having way too many hard increase on your entire query report now tell me what is this the answer is well you know whatever you apply for a credit card or a loan or a car loan. Whatever you want to do well it turns out that whenever you apply for something they pull your credit reports and that causes you to have a hard increase that s called a ding so that lowers your entire balance by two points. Usually okay. Now this stays on your credit report.
Believe it or not for around two years again very petty right i don t i don t get why they do this. But the answer is this guy s okay whenever i got my first armed credit card. My first very good credit score. What i what it is is this okay i went ahead and i applied for a credit card here one here one here so i got a capital one in discover card it tastes.
When i got all these cards and i was like okay this is awesome right i have all these cars. I have great credit everything is great and then when i came back the following month. My credit score dropped by like 8 points or so because again they kept doing hard increase to pull my credit score to then qualify me for the entire credit card. But you know what s worse whenever you apply for something and guess what happens you get rejected now they re ding due two points.
And you still went down like for the next two years or so. But the main thing is this cuz. We want to avoid this what you actually want to do is make sure before you apply you have a very high chance of qualifying at least 90 or above. If it s not 90 and above.
When black okay i ll try to apply later on. But i know for a fact i m going to qualify because imagine this you get dinged for two years for applying. But you also got rejected okay so just to make sure you don t start applying for a 20 credit cards right off the bat. Because again it will hurt your credit score.
Because this entire thing right here. It is accountable for run ten percent of your credit score. It might sound very small. But that might keep you from is 760 and have you at a 7 15 instead of going into the excellent credit card territory so always keep in mind to make sure you don t apply for too.
Many things i have it credible. All the time okay by the way little tip here whenever you apply for verizon or optimum. They always pull your credit score. Also okay so keep that in mind also but guys.
Although right now you might know exactly how to get that 760 or 800 credit score. Well what if you already have a very high balance. What if you already have increased what if you already have missed payments. Okay.
What do you do now are you lost is it over friel. The answer is no not really you know because although these people are very petty. This still give you a chance to actually fix it over a large term of time okay so for example. When it comes to this you have two options here.
The first option is you fight. Which is basically called disputing. So if it isn t correct in this entire report. So while you can dispute it and be like hey.
That s not correct. This is wrong you send a letter over and there probably fix it by the way. I have a full video on that link down below. But the point is you can fight it or dispute.
It and that we can get those late payments removed for entering where s corbett tommy. What s my second option here well the second option is basically you wait okay and you wait until that felony gets erased from the entire credit score. Talking about seven years for late payments and two years for a heart increase. So if you want to wait you can wait and eventually it ll drop off.
But that s how it works okay be patient or try to fight it or in the third option. Which i don t mention a lot. But it is and it does exist. And it s called um.
Just call the creditor and ask them to erase it on goodwill for example. If we have on the discover card you re like hey i missed that one payment that one time in like two years ago. Can you erase it they can be like hey okay. Why because hey i ve been paying you guys off every single month.
I m very responsible now and that one time it was just because of hard times. Okay give me a break and sometimes they say yes sometimes they say no if they say no write them in there. Remember you are talking to one person. So just hang up the phone and then call back the next day and talk to somebody else differently.
And hopefully they ll have a different attitude about it and you ll probably get it deleted okay. But that s what i would do if i already have a very high balance have increase on it and on top of that i already have missed payments either wait dispute. It or try to talk your way out of it and now guys before you guys leave. I kind of want to tell you one last thing here.
Tommy okay. I know how to get it i know how to fight it. But what about maintain it well maintain. It is the most simple thing to be honest.
All you have to do is be perfect okay well. I m kidding me okay. But all you really have to do is just maintain the good habits that got you there in the first place so again keep that balance slow make sure you don t have a lot of hard anchorage and on top of that make sure you don t have any late payments. And that s what s gonna make you stay and maintain that 800 credit score.
But also tell me how long is it going to take me to actually get to that 800 credit score. The answer is well i ve been doing this for the past four to five years man. And it s taking me a long time to actually get to that 760 point. So the point is it s going to take a while.
But i do have good news for you which basically you know lenders and creditors people are gonna lend you money that you care about in this case like the mortgage. The credit cards well these people usually consider a 760. The same as an 800 when it comes to giving you a great interest rate. So you don t really need an 800 or 850.
Just try to shoot for that 760 and above. And that shouldn t take you that long if you re doing everything correctly shouldn t take you like 15 years 20 years. The answer is no it shouldn t take you that long so basically just keep doing the good habits and step by step you ll get there and by march remember guys in january of last year. I told you what a 631 now i m at a 749 and by march.
When i make a video again about this i should be at above a 760 so tune in subscribe to the channel and also like this video. Because by march. I should be there and guys. There s always guys enjoy this video like this video or appreciate it comment down below.
And let me know if this helped you can make sense comment down below let me know and as always if you haven t registered also get notified and if you want to talk to me one on one una una just dme and i saw a tiny bracelet and before i go if you want to watch another video okay on how to make money using your credit cards. Very tricky very risky i don t recommend it watch the video right here and if you wanna turn around click my face right here. And i ll see you guys tomorrow. Thanks for watching and as always peace ” .
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