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Anonymous #1

Shell Corporation
    #17959519 - 03/15/13 09:13 AM (11 years, 2 months ago)

In the event that someone gets arrested, their assets are seized. Unfortunately this means that there is no money to hire a lawyer, come up with bail, etc.
Since an incorporated company is a separate entity from a person, storing money in the company would mean police cannot seize it if one of the board members is arrested correct? Any required bail money or lawyer money could be gifted from the corporation to a board member / employee as a bonus.

Anyone have any experience with this?

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Re: Shell Corporation [Re: Anonymous #1]
    #17962005 - 03/15/13 07:31 PM (11 years, 2 months ago)

Such a corporation would be found to be an "alter ego" of the owner, and the court would "pierce the corporate veil."

Having said that, they don't take all of your assets because you're arrested.  First, you have to be convicted, and then they can only take any assets they can prove were proceeds from illegal conduct.


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Anonymous #1

Re: Shell Corporation [Re: Enlil]
    #17962108 - 03/15/13 07:56 PM (11 years, 2 months ago)

Quote:

Enlil said:
Such a corporation would be found to be an "alter ego" of the owner, and the court would "pierce the corporate veil."





Hmm - how do they determine it is an "alter ego" or not?
If it has multiple people on the board and (looks) like it has steady income, invoices, taxes are done properly, etc. how can they prove it is a fake?

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OfflineEllis Dee
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Re: Shell Corporation [Re: Enlil] * 1
    #17962858 - 03/16/13 12:19 AM (11 years, 2 months ago)

Quote:

Enlil said:
Such a corporation would be found to be an "alter ego" of the owner, and the court would "pierce the corporate veil."

Having said that, they don't take all of your assets because you're arrested.  First, you have to be convicted, and then they can only take any assets they can prove were proceeds from illegal conduct.



For some who pretends to be an attorney you sure give a lot of wrong and incompetent advise. Civil asset forfeiture is usually initiated immediately and involves seizing bank accounts, vehicles, and homes so that the defendant is broke.

OP, nothing you keep in USA is safe. Ever.  You must keep your shell company or trust in a foreign land that does not respect US judgments. Please read this post for a good overview of the subject.

http://www.shroomery.org/forums/showflat.php/Number/17725802#17725802


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Re: Shell Corporation [Re: Anonymous #1] * 1
    #17962880 - 03/16/13 12:27 AM (11 years, 2 months ago)

Quote:

Anonymous said:
Quote:

Enlil said:
Such a corporation would be found to be an "alter ego" of the owner, and the court would "pierce the corporate veil."





Hmm - how do they determine it is an "alter ego" or not?
If it has multiple people on the board and (looks) like it has steady income, invoices, taxes are done properly, etc. how can they prove it is a fake?



They don't prove anything. They just freeze it and seize it and let you fight it, but you can't because you're broke and will be incompetent to represent yourself on complicated asset cases.


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"If the foundations be destroyed, what can the righteous do."-King Solomon

And there was war in heaven: Michael and his angels fought against the dragon; and the dragon fought and his angels,

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Re: Shell Corporation [Re: Ellis Dee]
    #17963386 - 03/16/13 05:05 AM (11 years, 2 months ago)

Rail, you're talking out of your ass here...but feel free to keep spewing ignorance.

Anon, if the corporation is running with all of the formalities required, it's much harder to pierce the veil.  In particular, if there are multiple owners, a board, regular board meetings with minutes and required filings, most likely the corporation will be considered a separate entity.

If, however, you're a one-man corporation who comingles personal and corporate funds, etc...you're going to be held personally liable.


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Re: Shell Corporation [Re: Enlil]
    #17964225 - 03/16/13 12:16 PM (11 years, 2 months ago)

It is true that they often start civil proceedings long before the criminal case is settled. Civil forfeiture only requires a preponderance of evidence, not proven beyond a reasonable doubt such as in a criminal case. Its somewhat common for someone to beat the legal charges and lose civil forfeiture.

Ownership in a corporation will be considered personal property to satisfy a judgement. The person can be deposed under oath about what he owns. Having your wife be the owner might get around it. Having it in an offshore account is good only if there are no treaties to honor civil or criminal judgements. Denying you have such an account or overseas corporation would be perjury if they can prove it. If things are set up right, you could admit it and there would be no recourse for recovery.


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Re: Shell Corporation [Re: Stonehenge]
    #17967301 - 03/17/13 04:16 AM (11 years, 2 months ago)

Very true. I personally know a woman who had her home seized and the only person convicted in the case was her tenant who rented out the second floor. He had told authorities that she was aware of it to try to get out of it. But the point being, they started the seizure almost instantly before anyone was ever convicted. She had over 120k in equity that she lost with no criminal conviction at all.


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"If the foundations be destroyed, what can the righteous do."-King Solomon

And there was war in heaven: Michael and his angels fought against the dragon; and the dragon fought and his angels,

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InvisibleAdden
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Re: Shell Corporation [Re: Ellis Dee]
    #17971562 - 03/17/13 10:51 PM (11 years, 2 months ago)

Quote:

Rail_Gun said:
Very true. I personally know a woman who had her home seized and the only person convicted in the case was her tenant who rented out the second floor. He had told authorities that she was aware of it to try to get out of it. But the point being, they started the seizure almost instantly before anyone was ever convicted. She had over 120k in equity that she lost with no criminal conviction at all.




Jesus christ, that's fucking terrible.

:sad:

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Re: Shell Corporation [Re: Adden] * 1
    #17971949 - 03/18/13 01:16 AM (11 years, 2 months ago)

It still is horrible. She was my friend from college's older sister. After her marriage went bad she got the house but didn't have enough income to pay all her bills so she rented out the second floor to cover utilities and stuff. Then she lost that to gov seizure and was left with nothing but debts and crash landed back with her mother in her mid 30's. These civil asset forfeiture cases don't require you ever be convicted of anything. They just steal your property and leave you with nothing.


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"If the foundations be destroyed, what can the righteous do."-King Solomon

And there was war in heaven: Michael and his angels fought against the dragon; and the dragon fought and his angels,

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