My Professional Experience

Experienced in the following areas:

Establishing New Businesses-Crowdfunding

Equity crowdfunding means using the fairly new Crowdfunding Laws to sell stock  or Revenue Sharing Certificates in your company to the public. Although small stock sale regulations of $1,000,000 or less have been around for quite awhile, the problem always was that they were limited to single states…meaning that your offering could only be sold to residents of a single state unless a lot of money and time were expended to register in several states. These earlier regulations, referred to as a SCOR Offering (Small Corporate Offering Registration), were for all practical purposes limited to a specific State. Then the new Crowdfunding securities regulations came out a few years ago which permitted new businesses, small businesses, and start-ups to sell to anyone. So, What is Contingency Fee Crowdfunding?

This is also called % Fee Crowdfunding. It means if I don’t help you raise any money, I don’t get paid. The payment of my fees is based solely on the level of success of the project and are payable out of the proceeds of the offering. It means you don’t have to put out big bucks for the “chance” to see if any funds are collected.

Securities Laws:

Experienced and knowledgeable in State and Federal securities laws as applicable to Start-ups and new businesses. When I began my legal career, I trained on and eventually handled medical malpractice and severe injury trials; and also represented companies involved in medical matters such as  Immunodiagnostics and Immunotherapeutics Inc., a company engaged in allergy control and clinical research; 1985-1990 Attorney for Clinica Corporation, a development stage company founded to develop cancer screening tests. In 1997, as Securities Counsel, I guided Savant Corporation ( a computer systems manufacturer)  in securing initial investment capital to commence manufacturing operations. In 2000, as Special Securities Counsel for Tolemac Ventures, an internet firm, I prepared the Circular for raising private equity funds. Other career highlights include successfully filing a Prospectus with the United States Securities and Exchange Commission (SEC) to register Maridel Motors Inc. for an initial public stock offering (IPO):

IPO handled successfully by Walter P. Drake, Attorney

Law Office Walter P. Drake, Berlin, MD 1985-2000Law Office (1985-2000)
Berlin, Maryland, USA

Bankruptcy and Tax:

Experienced bankruptcy and tax attorney with previous court experience in the United States Bankruptcy Court, and the United States Tax Court. 

Successfully handled many complex cases and one of the first Maryland attorneys to use the bankruptcy procedures to reduce tax, to eliminate taxes, to stop aggressive tax collectors, and to eliminate interest and penalties on the base tax.

Offshore Incorporation and Banking

This has become very difficult for Americans due to various new regulations that have been passed during the last few years. One thing for Americans to understand is that we are taxed on our worldwide income. So we are not looking to do a foreign offshore corporation for tax evasion. But even so, having a business located overseas that takes in money and can pass it on to you as dividend income, yields less tax. It also allows dividends to be passed to family members, further lessening the tax burden. Not to mention no corporate income tax on foreign corporations. There is a reason companies like Apple have their tax situs in Ireland and elsewhere.

Banking can be a problem too. But you can incoporate a company in the US to collect the payments to your offshore company as your wholly owned subsidiary. Or you can go with private banking and collect payments overseas in your own name. But the problem you never read about is this. It is almost impossible for an American to form an overseas corporation and to have a foreign bank account in the same country as the company. That is why many offshore companies take payments through their banks in Cyprus or Poland. Now of course many professionals will say I am off base and that having a foreign bank account in the same country as the company, is in fact possible. Yep, for fees of $2500-$5000, plus keeping $50,000 in a bank account!! Is that what you were thinking to do?

In addition, I serve international clients who want a US corporation and a US bank account. This is not a big problem. My office can handle your entire package, down to virtual office, US street address, mail scan to email, local telephone number with voicemail to email…the works!!

Immigration:

Experienced and knowledgeable in non-immigrant visas, 90-day fiancee, marital visa and Green Card, I-130 petitions, Affidavit of Support,  and the J-1 Training and Education visa. I can assist you wherever you are, in any State or foreign country. Licensed attorney in Maryland, USA, with office in Hagerstown, Maryland (USA), I can help you wherever you are in the US or Thailand to complete, fill out, and file your paperwork with either the immigration department in the US or via application to the US Embassy, Bangkok. Read More about my Immigration experience and immigration services here: https://walterdrakeattorney.com/usa-visas-for-thai-citizens/ 

Education Law and Business:

Education Law and Consulting in the areas of starting a new school, starting a new college, starting a new international college offshore. The accreditation business and why you don’t need it. Opening an new accredited high school. Starting a home schooling academy. How school and college licensing works. How to start an online school or college.

If you are an educator or someone interested in starting a new school or college, which might be brick and mortar or even totally online, I will help you through the entire process. Contrary to what you may think or have been told, anyone can start a new school or college. Licensing and regulations differ by state.

I can help with the accreditation process and how to avoid it altogether if you like. The Accreditors are a wealthy lot, and continue to gouge colleges and universities with their exorbitant fees, which have led to many school closings because of insufficient funds to pay the leagues of education consultants and accountants required for the annual accreditation process.

So, if you really want to start your own school or college, or even your own home school serving other students not just your own, let me know how I can help. Experienced in starting your own online College, Private School, High School, Accredited Home School, Umbrella Home School. Purchase and sale of an online college or school. Curriculum design and accreditation avenues.

Creator, Developer and Director of the Blue Marble Education Group,
which includes a family of three academic institutions:

Blue Marble University

Panama College of Cell Science

Blue Marble University Medical School

Walter P. Drake, Director of Blue Marble Education Group, including Blue Marble University, Panama College of Cell Science, and Blue Marble University Medical School

Along the way, I have become knowledgeable in education law, online education law, accreditation, institutional licensing, states favorable to new online education start-ups, the law of home schooling, and the development home schooling programs focused on early high school graduation at age 16.

    *     *     *     *     *

Education:

Bachelor Degree (B.A.), Johns Hopkins University (Baltimore, Maryland) 1968
Masters Degree (M.A.), Molecular Biology, Johns Hopkins University 1971
Doctor of Law (J.D.), University of Baltimore School of Law 1975
Doctor of Philosophy (Ph.D.), Stem Cell Biology, Panama College of Cell Science 2013

Law License: State of Maryland (USA)

Formerly a Trial Attorney active in:

State Courts of Maryland
United States District Court for the District of Maryland
United States Bankruptcy Court
United States Tax Court

    *     *     *     *     *

Walter P. Drake, Attorney-At-Law