Will this protect someone if they get sued or is it illegal
I’m new so keep that In mind also from Ontario but would like to here all responses from other states and provinces as well.
Ok let’s say I am buying and holding my properties and for some reason my corporation that owns such properties gets sued. Say however I had a second corporation, I sell all properties for pennies on a dollar (to lower capital gains).
Theoretically the first corporation getting sued then owns nothing. The only thing they can come after is the is the little bit of money I sold from one corporation to another.
Is this illegal or do people actually do it. Maybe I just came up with a new great way to protect yourself idk I love thinking and this is something I thought about a lot today. Wanted to get the forums opinion on this!