Donald trump and money
- Thread starter halalu
- Start date
Apparently zero times.
http://thelawdictionary.org/article/how-is-donald-trump-able-to-file-for-bankruptcy-so-many-times/
[h=1]How is Donald Trump Able to File for Bankruptcy So Many Times?[/h]Written by James Hirby | Fact checked by The Law Dictionary staff
People might ask "How is Donald Trump able to file for bankruptcy so many times?" The answer is "He didn't." Trump himself has never filed for bankruptcy. His corporations have filed for Chapter 11 bankruptcy four times.
Law Dictionary: How is Donald Trump Able to File for Bankruptcy So Many Times?
http://thelawdictionary.org/article/how-is-donald-trump-able-to-file-for-bankruptcy-so-many-times/
[h=1]How is Donald Trump Able to File for Bankruptcy So Many Times?[/h]Written by James Hirby | Fact checked by The Law Dictionary staff
People might ask "How is Donald Trump able to file for bankruptcy so many times?" The answer is "He didn't." Trump himself has never filed for bankruptcy. His corporations have filed for Chapter 11 bankruptcy four times.
Law Dictionary: How is Donald Trump Able to File for Bankruptcy So Many Times?
As a business under a limited liability corporation several times. Key words 'limited' and 'liability'. Bankruptcy is a legitimate financial tool to move on. Yes some abuse it and others don't. Right or wrong if you know someone foreclosed on or have no more credit card debt without paying it they probably declared bankruptcy-to move on. There are penalties to declaring bankruptcy including a major hit on the credit rating and usage.
People complain about Trump's bankruptcies but don't seem to complain when he starts and completes a project employing thousands and spending a lot of money materials, supplies, vendors etc. But those projects are not personally owned or managed. Even as a small business it's recommended you get a license under a limited liability corporation. The business or company will take all financial hits, not the individual.
People complain about Trump's bankruptcies but don't seem to complain when he starts and completes a project employing thousands and spending a lot of money materials, supplies, vendors etc. But those projects are not personally owned or managed. Even as a small business it's recommended you get a license under a limited liability corporation. The business or company will take all financial hits, not the individual.
You are exactly correct. An LLC is a safe haven for those that want to go into a business, but avoid any tax or bankruptcy issues, if the business should fail. I am guessing that each time Trump builds or buys a property, he does it under a different LLC. Smart business man, but he probably has someone guiding him like most millionaires.
Fern
Member
- Location
- New Zealand
I see that Trump has quite a following in the presidential race, beats me how anyone can take him seriously.
Davey Jones
Well-known Member
- Location
- Florida
Most of his followers haven't a clue to what this man stands for, they just like the way he talks. Obama did the same thing when he was running for POTUS and people fell for it.
Easy, celebrity status & financial success.Throw in frustration with "professional" politicians you have a trend. The sheeple of the world love to follow. The scary part is that in some respects he is actually quite capable of doing a better job than many of the "professional" politicians in office now.