Feed the Children Partners with Everlasting Life Ministries

As the CEO of Companies Incorporated and 1-800-Company, Kevin Wessell helped clients establish and develop businesses across the country. Although semi-retired now, he still serves companies in an advisory capacity. Kevin Wessell also supports the work of numerous charitable groups, including Feed the Children.

Recently, Feed the Children partnered with another charity group, Everlasting Life Ministries, to expand its program for feeding hungry children and their families to Bethlehem, Pennsylvania, where approximately one in five children live in conditions of poverty. By combining their resources, the partnered groups had the wherewithal to provide food and other basic necessities to 400 families there. Each family received a 25-pound box of food and a 10-pound box of personal care items.

Feed the Children’s partnership with Everlasting Life Ministries in Bethlehem represents one of many ways that the organization reaches out to counter hunger across the U.S. and abroad. Since its founding in 1979, Feed the Children has provided more than $340 million worth of food, medicine, and other supplies to those in need.

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Common Types of Incorporated Businesses

As leader of the firm Companies Incorporated, Kevin Wessell has helped many businesses take important steps toward more secure futures. In particular, Kevin Wessell provides assistance in forming various types of legal business structures.

There are many different types of incorporated business structures. Business owners might feel overwhelmed by the possibilities, or they might be unsure of the differences between the various types. However, developing a basic understanding of these business structures, as well as their advantages and disadvantages, is important for individuals.

One of the most popular and common types of incorporated business structures is a limited liability company. This model lets business owners receive tax benefits that they would not otherwise have received as an unincorporated business. In addition, it provides the owners with asset protection. Namely, personal, non-business assets cannot be seized in lawsuits against the business.

Another kind of incorporated business structure is the C Corporation. In this model, the business forms a legal entity that is separate from the owners. In this type of arrangement, bank accounts can be opened in the business’ name. By talking with an expert in business structures, owners can make an informed decision about the type of structure they want to adopt.

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Kevin Wessell

 

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Kevin Wessell has always been very charitable. As a boy he gave his time and energy to help his church. He conducted research and helped raise awareness for the importance of youth fitness. An avid runner, Mr. Wessell knows the importance of fitness. He has participated in numerous half-marathons, 10K and 5K runs. An avid sportsman, he grew up playing baseball, basketball, football, and participating in wrestling and track. He loved the outdoors and is an avid sportsman. He grew up fishing and hunting with his father.

He has a passion to help others and regularly counsels friends with their relationships. Kevin has also created videotapes on male-female relationship tips. He loves children and was elected President of the Hope for Congo Foundation, an charitable organization that helps provide resources and education for poor children in Western Central Africa.

 

 

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The Salvation Army and the Red Kettle Campaign

The companies Kevin Wessell led during his working career served America’s small businesses and entrepreneurs by completing the paperwork necessary to form the corporations or partnerships that most suited their needs, and filing it with the appropriate state government offices. Recently retired, Kevin Wessell consults on business matters on a part-time basis and spends a great deal of his time attending to several favorite charities including the United Way and the Salvation Army.

The Salvation Army was founded in 1878 by the English evangelist William Booth, whose campaigns, which targeted poor people as well as alcoholics, prostitutes, and those down on their luck, converted a quarter-million people to Christianity between 1881 and 1885. The first Salvation Army meeting in the United States was held in the spring of 1880, and the Army has grown rapidly ever since.

While the Salvation Army and its uniformed members are active year-round, it is most visible during the holiday season from Thanksgiving through Christmas, when members and volunteers set up red kettles in shopping districts and malls throughout the nation, soliciting donations to help those in need.

The Red Kettle campaign was conceived and first executed in 1891 by Salvation Army Captain Joseph McFee in San Francisco. He had resolved to give a free Christmas dinner to the poor. There was only one obstacle to overcome: He had no money to make his pledge a reality. He had been a sailor when young, and he recalled that in Liverpool a large black kettle called Simpson’s Pot was placed near where the ships landed, and passersby would toss spare change into it to help poor people.

Captain McFee placed a large pot at the foot of Market Street by the Oakland Ferry landing, with a sign reading “Keep the Pot Boiling,” and raised the money he needed. It was six years before the idea caught hold nationwide, but in 1901 New York City kettle donations fed a gathering that filled Madison Square Garden. Red kettle donations today help more than 4.5 million throughout the holiday season.

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Insider’s Guide to Asset Protection

The firm Kevin Wessell built in the past helped small business owners and others to form various kinds of businesses by filing all the necessary documents with the appropriate offices in each of the 50 states and several foreign countries. Now semi-retired and devoting most of his time to charitable activities, Kevin Wessell also built his reputation teaching audiences nationwide how to protect their assets from all manner of hazards, including creditors, tax collectors, frivolous lawsuits, and even the probate process.

In his book Insider’s Guide to Asset Protection, Kevin Wessell explains the many threats against which average Americans must defend their resources. For example, politicians never tire of expounding on how valuable and important small businesses are, and it’s a known fact that more Americans work for small businesses than for large corporations. No matter how good those businesses are, though, many find themselves involved in litigation sooner or later. If they aren’t incorporated and they lose a lawsuit, not only could the business go under, the owner of the business is also personally liable. Thus, if an unincorporated business worth $100,000 loses a $200,000 lawsuit, the owner is on the hook for the extra $100,000.

Of course, different circumstances call for different approaches to asset protection. When two or more people go into business together, it often makes more sense to establish legal protections by setting up a limited partnership instead of a corporation. Other approaches include the limited liability company (LLC) and the limited liability limited partnership, or LLLP.

In addition to protecting assets, these approaches can also generate significant tax savings, and can be structured to protect the assets of the affluent. According to Wessel, the late Sam Walton, founder of Wal-Mart Stores Inc., transferred the assets of his business into a closely held family corporation early in his career. In addition to protecting those assets on a daily basis, the move reportedly saved his estate nearly $10 billion in estate taxes when he died.

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Corporations, Partnerships, and Trusts as Asset Protection Vehicles

Finance professional Kevin Wessell is often called upon to speak at business seminars about innovative asset protection strategies. With 25 years of executive, real estate, and financial experience, Kevin Wessell uses his expertise to offer clients advisory services with a view to encourage financial freedom.

Those seeking ways to protect their assets can utilize a variety of legal vehicles. Some of the most common legal forms include the formation of corporations, trusts, and certain types of partnerships. A corporation is a business entity controlled by a board of directors and owned by the shareholders that elect the board. There are various kinds of corporations designed to protect assets, limited liability companies, S corporations, and business corporations. A creditor may only pursue a corporation’s assets, and not those of its principals. Those who choose to protect their assets through trusts can choose from two types: irrevocable or revocable. Irrevocable trusts offer stronger asset protection, as they may not be altered or dissolved.

General partnerships come with significant risk because each partner becomes liable for partnership debts, including those incurred by other partners. In contrast, in a limited partnership, the partners do not adopt personal liability for obligations or debts beyond those contributed within the partnership.

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Simple Asset Protection Strategies

A respected business consultant based in California, Kevin Wessell advises clients on matters pertaining to real estate investment and asset protection strategy. As a keen advocate of financial independence, Kevin Wessell has authored several books, among them “Build Your Financial Castle” and “Asset Protection Workbook.”

While several complex forms of asset protection exist, there are also a few very simple things that you can do to reduce the risk that your assets will be affected following a liability claim. If you are married and the relationship is solid, you may choose to transfer your assets into your spouse’s name. Should your marriage end in divorce, however, this carries the risk that you will lose them altogether. Alternatively, you may choose to make large contributions into a pension plan. Observe the laws regarding life insurance, annuities, and homesteads in your state of residence to identify ways to protect your income.

Insurance policies known as umbrella policies exist, designed to protect individuals against personal injury claims that exceed the standard amount of coverage seen in vehicle and home policies. Finally, avoid the combination of personal and business assets, so that should business related problems arise, your personal assets remain unaffected.

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