Why Your LLC Won’t Protect You (Until You Fix This) - Garrett Sutton
Rich Dad Radio Show: In-Your-Face Advice on Investing, Personal Finance, & Starting a Business
The Rich Dad Company
4.1 • 3.9K Ratings
🗓️ 9 April 2025
⏱️ 26 minutes
🧾️ Download transcript
Summary
Think your LLC protects you? Think again.
In this eye-opening episode of the Rich Dad Radio Show, Robert Kiyosaki sits down with corporate attorney Garrett Sutton to expose the truth about LLCs, corporations, and the one mistake that can cost you everything. If you’re a business owner, real estate investor, or just someone working hard to build wealth, this conversation is a must-watch.
Most people form an LLC or corporation and think they're protected—until they get sued and find out they didn’t follow the formalities. That’s when lawyers can "pierce the corporate veil" and go after your personal assets. Garrett explains how it happens, why it happens, and how to prevent it.
You’ll learn why meeting minutes, operating agreements, and keeping clean corporate records are not optional—they’re essential. You’ll also discover why your team (CPA, attorney, and advisors) is your real greatest asset… not your business or your real estate.
If you want to build and keep your wealth, this episode will show you how to protect it the right way.
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00:00 Introduction
01:43 The Rise of LLCs and Legal Advertising
02:22 Real-Life Consequences of Legal Oversights
03:04 Understanding Corporate Formalities
04:30 The Role of a Good Legal Team
05:09 The Importance of Asset Protection
05:54 The Value of Following Legal Procedures
06:42 The Concept of Piercing the Corporate Veil
09:08 The Necessity of a Good Legal Team
14:35 The Benefits of Forming Corporations in Nevada
24:27 Final Thoughts and Recommendations
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Disclaimer: The information provided in this episode is for educational and informational purposes only. It should not be considered as financial advice or a recommendation to buy or sell any financial instrument or engage in any financial activity.
The content presented here is based on the speaker's personal opinions and research, which may not always be accurate or up-to-date. Financial markets and investments carry inherent risks, and individuals should conduct their own research and seek professional advice before making any financial decisions.
Transcript
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| 0:00.0 | This is the Rich Dad Radio Show, the good news and bad news about money. |
| 0:07.0 | Here's Robert Kiyosaki. |
| 0:09.2 | Hello, hello, Robert Kiyosaki, the Rich Dad Radio Show, the good news and bad news about money. |
| 0:14.0 | And today are a very, very important show, especially if you are rich or planning on getting rich |
| 0:21.5 | or want to stay rich. |
| 0:23.9 | It's a very important program. |
| 0:26.4 | So the reason this is so important is because today, |
| 0:30.3 | and I suspect the economy is gonna get worse. |
| 0:33.4 | And when the economy gets worse, |
| 0:35.7 | people look for somebody to steal from. |
| 0:38.9 | And as you see it all the time, there's a turn. |
| 0:42.2 | I mean, every place I drive now is billboards in a wreck, need a check, call me. |
| 0:47.8 | You know, they're looking for somebody with money to sue. |
| 0:52.3 | Any comments that I believe? |
| 0:53.4 | You see them all the time? |
| 0:54.1 | I just saw that billboard coming in here this |
| 0:56.1 | morning. I go, oh my God. And the guy had the cheesiest grin on him. It just gave me the creeps. |
| 1:01.8 | Yeah. And so there's there's always three sides to a coin, heads, tails, and the edge. And Garrett is |
| 1:08.3 | on the other side of the coin from those other predatory ambulance chasing attorneys. |
| 1:14.6 | So Garrett, welcome to the Rich Dad radio show. |
| 1:18.6 | Thank you, Robert. Thanks for being here as well, Blair. |
| 1:21.6 | It's great to be with you both. |
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