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should I start corporation if I'm investing in 4 hectares and house with local Filipina


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YOGAVNTURE

years ago i bought 4 hectares of land and am building a house on it as we speak our lawyer is aggresively suggesting we start a corporation and she owns 60 percent and i own 40 percent.   i trust her.   but he is really suggesting it.   wouldnt a corporation bring a whole new set of problems and issues

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to_dave007
1 hour ago, YOGAVNTURE said:

years ago i bought 4 hectares of land and am building a house on it as we speak our lawyer is aggresively suggesting we start a corporation and she owns 60 percent and i own 40 percent.   i trust her.   but he is really suggesting it.   wouldnt a corporation bring a whole new set of problems and issues

Enlighten me..  She already owns 100% of the 4 hectares.  Exactly what is the benefit to HER for reducing her ownership share to 60%?

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DeedleNuts
2 hours ago, to_dave007 said:

Enlighten me..  She already owns 100% of the 4 hectares.  Exactly what is the benefit to HER for reducing her ownership share to 60%?

Maybe she gets a house built on it if she signs? 

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DeedleNuts

I'm thinking to look into something like this with my GF, essentially split ownership, and then the corp leases the land to me to build on. The purpose of the project(s) is to have a home, and possibly repeat the pattern for a rental house business. If I l live to be 100 years old and my progeny hate me I guess I'll be presented with a new problem to solve. 

Edited by DeedleNuts
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A_Simple_Man
5 hours ago, YOGAVNTURE said:

our lawyer is aggresively suggesting we start a corporation and she owns 60 percent and i own 40 percent

Maybe have your wife own 30% and your side piece own 30% . . whatever happens you still get a majority vote.  :rofl::ROFLMAO:

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greatplace

if you start a corporation you have to have 5 people including your self 3 Filipinos and 2 others plus  you must choose 1 CEO and 1 treasurer. and they must be  from the 3 Filipinos  

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Davaoeno
7 hours ago, greatplace said:

if you start a corporation you have to have 5 people including your self 3 Filipinos and 2 others plus  you must choose 1 CEO and 1 treasurer. and they must be  from the 3 Filipinos  

The important person to name is the Secretary coz they sign all the Secretary's Certificates.

The only position a foreigner is allowed to  hold is Corporate Chairman.

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