Ferrari Mailing List: Re: OT NFC -- STrange Business Ethics

[Jim Conforti (lndshrk]

Larry,

Personally - I think it's a scam to get some of your info or money somehow.

Here's why..

(But first note, I'm on board with you and Phil - it's not ethical either)

You don't just "start a corporation" and get 500k in unsecured credit.

Well, maybe at the height of the credit craze you could have done this, but
certainly not now, where REAL businesses are dying for the lack of small
working-capital loans.  REAL versus your insta-sham LLC.

(I won't get into the wisdom [or lack thereof] of running a biz on credit here.)

Further - if you have an LLC - and you somehow get $500k in credit for that LLC
and use that credit to buy "stuff" - it is the property of the LLC, and not you.

Simply "walking off" with the stuff - is a crime.  (Think: embezzelment)

Likely state, certainly federal if any of the communications went interstate
or over an interstate communications facility (mail, wire, internet, etc)

Think: FPMITAP (Federal Pound-Me-In-The-Ass Prison)

It's no different from walking into a bank w/ a sawed-off shotgun screaming:

"No dye, or you DIE!"

Oh, sure - less dramatic - and I'm sure all the Madoff's in the world
rationalize that their "non-violent" crimes are so much more acceptable.

In my mind, theft is theft.

And hell, if you're gonna rob - get out the hacksaw and go for the gusto.

Might as well be the next James gang. ;)

Jim

LarryT wrote:
> 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
> 
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