This is a really hard question to answer, because most people don't know there is a choice, and further, most people do not even know the system, in which they live in, in which they were born into, that makes this question so important.
Further, after i explain the structure, and then explain the question, most people will say, "I want to control".
Or they will argue with the legal structure. (yes, go argue with the Supreme Court. Tell me how it goes.)
However, we are also at the end of The US. And, we may just do away with the entire question.
If enough people know about the legalese involved, it may be wiped out, expunged. Made null and void. And we go back to a system where ownership and control are synonymous.
What the "rich" do:
The 'rich' don't own anything. They control it.
Imagine if you will, a car. The one you drive. Lets say that you "own" it (which you don't because you registered it with the DMV) and a police officer pulls you over. The police may take your car, (because the DMV owns it) and charge you money to have it returned. If you do not pay fast enough, they will sell it at auction.
Now, imagine that you drive a car, owned by a corporation. Since you are employed by the corporation, you are allowed to drive the car. And, you are pulled over. Now the police officer has a huge headache. If he impounds the car, he has to return it to its owner, the corporation. The corporation did nothing wrong, and thus, the police cannot keep the car based on what you, the driver did.
So, the police officer may not even arrest you. He doesn't get a payday. Instead he gets a big fat headache.
(this is not legal advice, there are all kinds of backdoors that police can do, including lying that they didn't know it was the corporation's car. Consult your lawyers)
The next part is MINIMIZED by poor people, but it is essential to understand how much this means to your finances:
The corporations pays the insurance on the car. And, to them, it is completely, not even argued over, a business expense. Meaning it gets taken off of net profits BEFORE it is even considered for tax. (if you, as an individual do this, you pay taxes first, and then with what is left, pay the insurance. And if you call it a business expense, so much legal hassle)
If you can afford the lawyer to create the corporation, there is no reason to maintain ownership of the car. It is fact, better in every way that you only control it.
And, i haven't even talked about what happens if you crash the car.
What the poor person does:
The poor person does everything in the opposite way. They pay taxes on their income first. And then pays for the car, and the insurance, and the gas… and doesn't even realize how much liability they have put themselves into. But, at least they "own" the car, they say to themselves.
They believe that owning the car gives them all kinds of rights and privileges. But, the only real one is that they can sell it (selling the vehicle from a corporation involves more steps). Instead of being a benefit, you are taking on much more liabilities. As the owner you are responsible for everything that car does. (including being stolen and used in a crime) Any lien against the car, is your responsibility, meaning the car affects your credit report.
And, sadly, the car is a depreciating asset (and you do not even get to deduct the depreciation). It is worth less and less each year.
In today's legal environment, you gain nothing by "owning" your car.
The legalese
You don't even own yourself. You were abandoned at the hospital and the bank came by and picked up your berth certificate and claimed it as salvage. (We do not have common law courts (on the land), we have maritime courts (on the sea) and so, be careful with all words that sound like sea jargon)
You don't own your car. You registered it with the DMV. Meaning, you gave the car to the state, in return they gave you exclusive rights to drive it. (they don't keep up their end of the bargain very well)
You don't own your house. At minimum, you are paying rent (property taxes) to the govern-cement to stay in your house. If you go further, there are several layers of you not owning your house. Many mortgage contracts call you a tenant, and have no provisions of changing that when the loan is paid off. You are not the home owner. You are only a renter.
Worse, you are left with all the responsibilities, all the liabilities, all the negatives.
The only stuff that you own is junk. The clothes in your closet. The toothpaste in your medicine cabinet. The stuff that will be thrown out after you kick the bucket.
The problem here is your live under corporate law. Your city is incorporated. The US is a corporation.
When you go get a driver's license, you are signing a contract that says the govern-cement can impose fines on you. When the Constitution for the United States, Bill of Rights says that you are free to travel. You contracted those rights away.
And everything you do, when dealing with the govern-cement has you give away more rights.
The 13th Amendment freed all the slaves.
The 14th Amendment turned everyone into slaves.
And, while this is true, while the corporate structure exists and entities are allowed to split apart the ownership and the control; split apart the ownership and the responsibility, then you, as an individual are screwed.
Until things change, always watch who controls. Ownership is, almost, not important.