The Uncorporation: Unleashing the Power of the Business Trust for Your Protection and Privacy by Billings James

Author:Billings, James [Billings, James]
Language: eng
Format: epub
Publisher: TA Media Trust
Published: 2018-08-02T16:00:00+00:00

In a lawsuit against a traditional corporation or LLC, an attorney may offer your opponent, the plaintiff, a contingency fee plan because there is a clear legal roadmap to identify corporate assets. A contingency fee happens when instead of asking for a legal fee or a retainer up front, an attorney offers to work for a percent of the economic award given to the plaintiff in a judgment if the plaintiff wins the case. This can happen if the attorney knows how much money or assets the accused, your corporation, has and if the attorney calculates the case can be easy to win. Because attorneys can easily find bank account balances and assets of a traditional corporation or LLC, and thus calculate how much money the accused corporation or LLC is worth (liquid cash to get paid), they may conclude a contingency fee is more profitable for the attorney than an upfront fee. This no cash upfront option makes it easy for their client to proceed with a lawsuit against you. As a result, traditional corporations and LLCs offer attorneys an incentive to go after them, and to get as much of your money as possible.

In contrast, the bank accounts and assets as well as situs of an unlisted business trust are difficult for the attorney to discover. As a result, the attorney is highly unlikely to offer a contingency fee and, instead, charge a $10,000 retainer fee upfront, which could dissuade less than seriously determined and financed plaintiffs from suing. Plaintiff may think twice about suing if the attorney demands money up front for an open ended rabbit hunt.

With a contingency fee, a plaintiff has an easier ride to sue. With an upfront retainer, the plaintiff needs an open and fat checkbook.

In other words, corporate lawyers and attorneys know corporations are easy to sue and, as a result, they have an economic incentive to sue a traditional corporation or LLC. Just read the financial news. Whether you like it or not, it’s called legal extortion. But with unlisted business trusts, important details are fuzzy by design. There is no clear roadmap. As a result, clients will pay dearly upfront and monthly for their attorneys to hunt and learn how and where to pursue a business trust.

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