After 50 Cent Posted Not Broke IGs, Judge Found $50 Mil of His Hidden Assets
- Thread starter BlackMajik
- Start date
Dummies you do know he submitted those documents not the judge right?
nikkas getting news from Black Sports Online
I swear on life ya'll nikkas are so stupid, have fun though
nikkas praying for his downfall
Well the booth is mostly cacs so, these cacs be praying for his downfall
Deutsche Bank
Some Of My Partners Dope Fiends Ha
"Perhaps the main reason an LLC is favored in most situations is that it will not only protect you from your business’s liabilities… it can also protect your business from your personal liabilities.
Let’s say you are driving your family to the park on a Sunday afternoon. Along the way, your car “taps” someone who is crossing the street and he is slightly injured. The injured person finds a personal injury attorney who tries to milk the case for every penny. They sue you for $1,000,000… and win. Your insurance only pays out $500,000, so you still owe $500,000.
What happens next? The answer depends on whether you have a corporation or an LLC.
What usually happens in a case like this is that the attorney passes the case on to a collections specialist – an aggressive attorney who really knows the ropes. He can, for example, go to the judge and request a Writ of Execution. With this writ, a creditor may visit your residence or office (with the local sheriff) and begin seizing your personal assets.
If you have a corporation, he may also be able to seize up to 100 percent of your corporate stock shares… because your corporate stock shares are considered personal property. If the creditor gains control of your company by seizing enough of your shares, he can then vote to dissolve the corporation. Assets in the corporation would then be distributed to you (and your co-owners) personally. And then the creditor could grab those assets up to the $500,000 you still owe him.
But this can’t happen if you have an LLC – because the laws of all states (except Pennsylvania and Nebraska) have included special rules that allow LLCs to be protected in a situation such as this.
The creditor would generally not be able to gain control of your LLC. He also could not vote to end it, nor force a distribution of assets. He would be limited to a “charging order.”
A charging order is an order granted by a judge that says any money passed on to a business owner by the business must first go to the creditor… until the debt is paid off. BUT, the creditor does not have the right to force an LLC to make this payment. So he could wait a very long time for any such payment – especially if the people running the LLC are sympathetic to your situation. They could choose to stop distributions made to you altogether.
What’s more, once the creditor gets the charging order, he may even have to pay taxes on money the LLC made but which was not distributed to you.
Let’s say you’re a 50 percent owner of an LLC that makes $1 million in profits and the managers decide not to distribute any of those profits to you. The creditor can’t seize your $500,000 share of the profits, because it wasn’t distributed… but he could be forced by the IRS to recognize it as “phantom income” and find himself with a tax bill in the neighborhood of $150,000 or more.
Establishing your business as an LLC can almost act as a “poison pill” against questionable lawsuits, and it can put you in a much better negotiating position if you’re ever sued. The prospect of getting a big tax bill without any cash could spur the other party to settle the judgment debt or just drop his collection efforts. At the very least, it will help keep your business intact."
How an LLC Can Stop Lawsuits and Creditors Dead in Their Tracks - Early To Rise
Let’s say you are driving your family to the park on a Sunday afternoon. Along the way, your car “taps” someone who is crossing the street and he is slightly injured. The injured person finds a personal injury attorney who tries to milk the case for every penny. They sue you for $1,000,000… and win. Your insurance only pays out $500,000, so you still owe $500,000.
What happens next? The answer depends on whether you have a corporation or an LLC.
What usually happens in a case like this is that the attorney passes the case on to a collections specialist – an aggressive attorney who really knows the ropes. He can, for example, go to the judge and request a Writ of Execution. With this writ, a creditor may visit your residence or office (with the local sheriff) and begin seizing your personal assets.
If you have a corporation, he may also be able to seize up to 100 percent of your corporate stock shares… because your corporate stock shares are considered personal property. If the creditor gains control of your company by seizing enough of your shares, he can then vote to dissolve the corporation. Assets in the corporation would then be distributed to you (and your co-owners) personally. And then the creditor could grab those assets up to the $500,000 you still owe him.
But this can’t happen if you have an LLC – because the laws of all states (except Pennsylvania and Nebraska) have included special rules that allow LLCs to be protected in a situation such as this.
The creditor would generally not be able to gain control of your LLC. He also could not vote to end it, nor force a distribution of assets. He would be limited to a “charging order.”
A charging order is an order granted by a judge that says any money passed on to a business owner by the business must first go to the creditor… until the debt is paid off. BUT, the creditor does not have the right to force an LLC to make this payment. So he could wait a very long time for any such payment – especially if the people running the LLC are sympathetic to your situation. They could choose to stop distributions made to you altogether.
What’s more, once the creditor gets the charging order, he may even have to pay taxes on money the LLC made but which was not distributed to you.
Let’s say you’re a 50 percent owner of an LLC that makes $1 million in profits and the managers decide not to distribute any of those profits to you. The creditor can’t seize your $500,000 share of the profits, because it wasn’t distributed… but he could be forced by the IRS to recognize it as “phantom income” and find himself with a tax bill in the neighborhood of $150,000 or more.
Establishing your business as an LLC can almost act as a “poison pill” against questionable lawsuits, and it can put you in a much better negotiating position if you’re ever sued. The prospect of getting a big tax bill without any cash could spur the other party to settle the judgment debt or just drop his collection efforts. At the very least, it will help keep your business intact."
How an LLC Can Stop Lawsuits and Creditors Dead in Their Tracks - Early To Rise
Originalgangsta317
Banned
Well at least he wasn't broke like so many of y'all thought
ThaRealness
Superstar
Jawdropping levels of stupidityMusic Fiend
Superstar
64 mil you say? Bet he has more stashed elsewhere.
Mac Casper
@adonnis - pull up, there's refreshments
same
Coli accountants\Funny some of yall really thought he was broke
VladTheImpaler
The Sensational Prince
All white collar business men do the same bullshyt when they get sued or file for bankruptcy protection, not sure why it's so crazy that 50 tried the same tricks
what, you mean Perjury....hide money,or both? yeah
im dyin at all the cacs in the comments immediately going from "those ******s they can never manager their money" to "well the judge is stupid. of course he's still rich how could he go broke?" 
also you clowns on here who was making 20 threads a day on 50's finances and chronicling his instagram comments like 50 was really broke
now that you know he still got millions it turns into "omg fif is stupid why did he lie"
morons
also you clowns on here who was making 20 threads a day on 50's finances and chronicling his instagram comments like 50 was really broke
now that you know he still got millions it turns into "omg fif is stupid why did he lie"
morons
How is flashing money make him a clown...more like clowning.
Yea but they don't keep posting money on InstagramAll white collar business men do the same bullshyt when they get sued or file for bankruptcy protection, not sure why it's so crazy that 50 tried the same tricks
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The Devil's Advocate
Call me Dad
according to this article... it doesn't even look like he tried to hide it
no offshore accounts... hidden money given to friends... selling property for $1 in order to get it back after the case... nothing
they literally went to the crib, counted up shyt... checked his stocks and ownership... and came up with $64 million... what the hell was he thinking? that they would never check that shyt
50 definitely is trolling the fukk outta the haters and this case. Stop snitching
WaddupDoe!
Steez.
this nikka literally going to have 50 cents left. 
