Ferrari Mailing List: OT NFC -- STrange Business Ethics

[LarryT (l02turner]

Hi Gang -
Got a call yesterday from a guy saying he'd set me up in a LLC for free and 
help me establish a $500K corporate credit line.  His idea was to emulate 
"rich people like Donald Trump" and borrow using a corporate account so 
personal holdings are not affected.  He said I could do anything I like, 
retire, close the business etc and walk away from the loans.

I said I couldn't treat people like that - he said it wasn't "people's money 
but corporate money".  I still didn't want to go along and he persisted in 
saying I could get all that money for free and then just walk away without 
any liability.

I finally got rid of him but the call bothered me for a while.  This seems 
terribly unscrupulous and bordering on illegal.

Is it true?  Do so-called rich or successful people establish a S or LLC 
then load up on credit before walking away?  I understand the liability 
protection but it still sounds wrong.
Am I being naive?

LarryT

OilAnalysis Time?
Looking for Weber Parts or Porsche Posters?
www.youroil.net