Limited Liability Companies For Dummies

Limited Liability Companies For Dummies

Language: English

Pages: 384

ISBN: 0470881429

Format: PDF / Kindle (mobi) / ePub


Flex your entrepreneurial muscle with an LLC

The previous drawbacks to forming an LLC have all but disappeared. The IRS has loosened the restrictions on entities electing partnership taxation and subsequently the states have loosened their requirements. Because LLCs are now more flexible entities than any that have ever existed, they remain an attractive option for those launchinga new or relaunching an existing business.

Limited Liabilty Companies For Dummies is a clear, concise guide that explains the pros and cons of LLCs and shares insider insights on everything from choosing your members and your company name to creating and filing your Articles of Organization, to the day-to-day operation of your LLC. Plus, you'll the most current, real-world advice on customizing an LLC for your specific business needs.

  • The latest information on federal taxes and fees
  • New filing requirements and coverage of setting up real estate LLCs and LLCs among family members
  • Accompanying CD includes updated tools and forms

It's full-steam ahead for LLCs, and this hands-on guide addresses everything you need to know and more!

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what entity type it is. In Chapter 10, I show you how to issue, transfer, and cancel membership shares. This freedom of ownerships has made LLCs the entity of choice for raising money for your business from angel investors or private equity firms. Often, you will want to develop a new product or grow into a new market. With LLCs, you have the flexibility (remember — no ownership restrictions) to issue membership shares in exchange for investment. Chapter 2: Determining Whether an LLC Is Right

.............................................14 Popular Uses for LLCs ...................................................................................15 Running a small business ....................................................................16 Maximizing real estate investments...................................................18 Planning your estate ............................................................................19 Creating Your Own LLC — How Hard Is It, Really?

means, why not include everyone in the decision-making process? ߜ Manager-managed: This is where a separate manager (or two or three . . .) handles the business’s day-to-day operations. This is a good choice if only one member wants to manage and/or an outside person would be a good manager. Some benefits of manager management include alleviating confusion and breaking up the workload. Just as there’s no limit to the number of members an LLC can have, there’s no limit to the number of managers

little state! Considering it’s so great, I should probably be a little bit more specific about what the Chancery Court actually is. Although it sounds like something out of the game of Monopoly, the Chancery Court is a special court the makes decisions on business matters. Delaware is the only state with such a court. Most states’ courts are very backlogged, and it can take years for a judge to hear and decide on your lawsuit. Delaware can get things resolved in weeks instead of years. That alone

Understanding the Tax Reconciliation Relief Act...........................272 2010: The year of capital gains .........................................................273 Skipping a generation can kill your estate ......................................274 Deciphering the gift tax .....................................................................275 How LLCs Help with Estate Planning.........................................................276 LLCs avoid probate

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