Since the early 1800’s the united states Supreme Court has recognized corporations as separate legal entities from the owners and have some of the same natural rights and legal rights as a “person. ” See Trustees of Dartmouth College v. Woodward – 17 U. S. 518 (1819) When Rich Global, LLC filed for bankruptcy protection the owner or owners bảng xếp hạng did not file bankruptcy. The legal fiction of Rich Global LLC being a person is what filed for bankruptcy protection. This is the whole
point in creating a separate legal entity to do business under and attempt to limit the liability of the owners of the corporation or limited liability company. This will be the second article I write regarding the distinction between a corporation or a limited liability company and those who own them. The distinction between a corporation or limited liability company filing bankruptcy and those who own it seem to be completely lost on the mainstream media. Mr. Kiyosaki should sue the hundreds of media sources that reported he filed for bankruptcy. Mr. Kiyosaki is a multimillionaire and will most likely continue to be one. I think the most famous victim of falsely being accused of filing for bankruptcy is Donald Trump.
To my knowledge, and I am still waiting for someone to prove me wrong, Donald Trump has never filed personal bankruptcy. One of the companies he used to have a significant investment in, formerly known as Trump Hotels & Casino Resorts, has filed a number of times. I should know, I still own a few shares of the new company that was formed after the multiple bankruptcy filings of Trump Hotels & Casino Resorts.
Rich Global, LLC’s lawyers filed the case on August 20, 2012, as result of Learning Annex Holdings, LLC and Learning Annex, LLC and Learning Annex, L. P. (Case No. 09 Civ. 4432 (SAS)(GWG) winning a judgment against Rich Global, LLC totaling $23, 687, 957. 21. The bankruptcy petition lists $1, 794, 405. 26 in assets and $25, 921, 205. 11 in liabilities. Rich
Global, LLC had $591, 728. 00 in income for 2010 from Profit participation and licensing revenue. Rich Global, LLC did not have any income in 2011 or in 2012. There appears to be other pending lawsuits that entities owned by Robert Kiyosaki are involved in though.
Ryan C. Wood is a bay area bankruptcy lawyer filing Chapter 7 and Chapter 13 for individuals and businesses in need. Visit West Coast Bankruptcy Attorneys online to find bankruptcy attorneys or bankruptcy lawyers with information about the distinction between filing personal bankruptcy and corporate bankruptcy.