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How to Use Limited Liability Companies & Limited Partnerships: Getting the Most Out of Your Legal Structure Kindle Edition
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From the Inside Flap
The journey begins with a consideration of the entities youcan use to your maximum advantage.
From the Back Cover
- Select the right entity for your specific use
- Follow the rules to keep your assets protected
- Creatively plan your future and your family's future
- Easily manage and operate an LLC or an LP
- Strategically use entities to hold real estate and other assets
- ASIN : B01I8S2HD8
- Publisher : SuccessDNA; 5th edition (September 13, 2016)
- Publication date : September 13, 2016
- Language : English
- File size : 5263 KB
- Text-to-Speech : Enabled
- Screen Reader : Supported
- Enhanced typesetting : Enabled
- X-Ray : Not Enabled
- Word Wise : Enabled
- Print length : 304 pages
- Lending : Not Enabled
- Best Sellers Rank: #348,305 in Kindle Store (See Top 100 in Kindle Store)
- Customer Reviews:
Top reviews from the United States
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In “How to Use Limited Liability Companies and Limited Partnerships,” Sutton teaches readers how to enter into an LLC or LP, or when not to create an LLC or LP, and how to manage best practices to succeed. He describes many case studies to demonstrate how to use the information to create and maintain a business. In particular, Case Numbers 1 and 2 are continued throughout the book, letting readers follow an LLC and LP as the business owners form and manage the entity, file taxes, plan their estate, and consider real estate holdings.
Although the book is specifically about LLCs and LPs, and these encompass the majority of the text, Sutton does include information about types of corporations as well. His understanding of multiple types of businesses allows readers to compare and contrast, and make more educated decisions themselves about forming a business. After reading Sutton’s book, any person should be able to walk into their professional advisor’s office and have an educated conversation. In fact, Sutton states early in his book that his goal is not to teach people how to run all aspects of their business, but rather how to ask important questions and work more congruently with their professional advisor. “You don’t need to be spending your weekends learning the arcania of the recapture rules for depreciable assets,” he writes. Sutton’s book is about making better decisions, and any reader after closing the last page should have a better understanding about which company to choose to best suit their goals.
Because it’s not enough to know simply how to form an LLC or LP, Sutton gives plenty of advice for running one of these businesses as well. He includes topics to protect readers from the IRS, unscrupulous would-be collectors, and sometimes moody court systems. His chapters review filing taxes, separation of the individual from the business entity, and best practices to prevent “piercing the corporate veil.”
As Sutton states, LLCs and LPs are among the two most powerful and popular business entities available today. Being fairly new, however, means even courts aren’t really sure how to manage them, and states often end up with very different interpretations of what an LLC or LP can and can’t be. Thankfully, anyone who has pursued the pages of Sutton’s book can feel confident entering into the LLC or LP world, and succeed.
Over the course of twenty-one chapters, Sutton takes readers through the pros and cons of legal structures, weighing the differences between LPs, LLCs, General Partnerships, Corporations, and Sole Proprietorships. The bestselling author of business-related books, Sutton begins with a 15-point checklist as a guide to determine the best entity for seasoned and upcoming business owners. Following a step-by-step approach as he has done with his previous nine books, Sutton wants to make sure readers get it right before moving on to deeper issues by dedicating the first four chapters ALONE to entity selection.
Plenty of charts, case studies, a bit of history here and there, and Q & A sections aptly grace page after page of user-friendly information that covers topics such as capital contributions, securities laws, asset protection, and real estate. Sutton gets into the nitty-gritty of LLCs/LPs, such as estate planning, joint ventures, and intellectual property, just to name a few. He even dedicates a chapter to the importance of following formalities, which includes a flurry of legal documents that business owners going the route of LLCs/LPs should not take lightly.
As with all his books, Sutton always offers DIY tips to help business owners tailor their costs effectively and efficiently. This latest edition is nothing less than indispensable--a quintessential read for serious small-business owners.
Anita Lock, Book Reviewer
For me, I hate dealing with money, taxes, and anything that deals with the financial side of my business. I tend to space out whenever money matters are discussed. But reading Sutton's book somehow kept me interested. I think it had a lot to do with the fact that the entire book was full of example case scenarios that illustrated everything he was talking about. I liked how, for instance, there was a case study that allowed me to understand more fully the importance of having manager meetings and keeping detailed minutes. Following formalities like these are important, and through his case study, I now see why they are.
So whether you've never heard about an LLC until somebody told you that you should form one for your business, or you've had an LLC for years, I guarantee you'll learn something in this book. It's excellent, easy to understand, and just the right amount of technical to help you transition from simple understanding of what LLC's and LP's are to having a more than average knowledge of them.