Episode 190:
View this episode on:
In this episode, Ron LeGrand sits down with Tommy Thornburgh of Prime Corporate Services to tackle one of the most overlooked, and most important, sides of building wealth: protecting it. Tommy walks through how his firm helps entrepreneurs and real estate investors set up the right entities, reduce their tax burden, build business credit, and put proper estate plans in place. Ron shares personal experience navigating the 2008 crash and why having the right structure already in place made all the difference.
Key Takeaways
- Prime Corporate Services handles entity formation, business credit development, tax planning, and estate planning; all under one roof
- The three things to consider when setting up entities: privacy & protection, tax benefits, and credibility
- For meaningful business credit on an LLC, aim for two years or more in operation, but you can start building immediately with store and gas accounts that report to Dun & Bradstreet, Experian Business, and Equifax Business
- Never commingle personal and business finances, it’s both a liability risk and a missed tax deduction; separating them saved clients an average of $9,200 more per year in Prime’s data
- Don’t own anything jointly in your own name or as husband and wife on public record
- Land trusts provide privacy, not protection, LLCs own the trusts, and how those LLCs are owned determines whether your assets are safe
- Ron recommends at least two LLCs (one to hold, one to flip) and a third owned by your self-directed IRA for tax-free growth
- AI-powered tax analysis can identify 5–20 strategies you’re not currently using
Resources
- Free 45-minute consultation available at PrimePartner.info/TheMentorPodcast — discounts on all services apply when you use that link