Limited Liability Companies For Dummies 2nd Edition pdf download

Limited Liability Companies For Dummies 2nd Edition

Limited Liability Companies For Dummies 2nd Edition Published by Wiley Publishing, Inc. 111 River St. Hoboken, NJ 07030-5774 www.wiley.com Copyright © 2011 by Wiley Publishing, Inc., Indianapolis, Indiana Published by Wiley Publishing, Inc., Indianapolis, Indiana Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning or otherwise, except as permitted under Sections 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, 222 Rosewood Drive, Danvers, MA 01923, (978) 750-8400, fax (978) 646-8600. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions. Trademarks: Wiley, the Wiley Publishing logo, For Dummies, the Dummies Man logo, A Reference for the Rest of Us!, The Dummies Way, Dummies Daily, The Fun and Easy Way, Dummies.com, Making Everything Easier, and related trade dress are trademarks or registered trademarks of John Wiley & Sons, Inc. and/or its affi liates in the United States and other countries, and may not be used without written permission. All other trademarks are the property of their respective owners. Wiley Publishing, Inc., is not associated with any product or vendor mentioned in this book. LIMIT OF LIABILITY/DISCLAIMER OF WARRANTY: THE PUBLISHER AND THE AUTHOR MAKE NO REPRESENTATIONS OR WARRANTIES WITH RESPECT TO THE ACCURACY OR COMPLETENESS OF THE CONTENTS OF THIS WORK AND SPECIFICALLY DISCLAIM ALL WARRANTIES, INCLUDING WITHOUT LIMITATION WARRANTIES OF FITNESS FOR A PARTICULAR PURPOSE. NO WARRANTY MAY BE CREATED OR EXTENDED BY SALES OR PROMOTIONAL MATERIALS. THE ADVICE AND STRATEGIES CONTAINED HEREIN MAY NOT BE SUITABLE FOR EVERY SITUATION. THIS WORK IS SOLD WITH THE UNDERSTANDING THAT THE PUBLISHER IS NOT ENGAGED IN RENDERING LEGAL, ACCOUNTING, OR OTHER PROFESSIONAL SERVICES. IF PROFESSIONAL ASSISTANCE IS REQUIRED, THE SERVICES OF A COMPETENT PROFESSIONAL PERSON SHOULD BE SOUGHT. NEITHER THE PUBLISHER NOR THE AUTHOR SHALL BE LIABLE FOR DAMAGES ARISING HEREFROM. THE FACT THAT AN ORGANIZATION OR WEBSITE IS REFERRED TO IN THIS WORK AS A CITATION AND/OR A POTENTIAL SOURCE OF FURTHER INFORMATION DOES NOT MEAN THAT THE AUTHOR OR THE PUBLISHER ENDORSES THE INFORMATION THE ORGANIZATION OR WEBSITE MAY PROVIDE OR RECOMMENDATIONS IT MAY MAKE. FURTHER, READERS SHOULD BE AWARE THAT INTERNET WEBSITES LISTED IN THIS WORK MAY HAVE CHANGED OR DISAPPEARED BETWEEN WHEN THIS WORK WAS WRITTEN AND WHEN IT IS READ. For general information on our other products and services, please contact our Customer Care Department within the U.S. at 877-762-2974, outside the U.S. at 317-572-3993, or fax 317-572-4002. For technical support, please visit www.wiley.com/techsupport. Wiley also publishes its books in a variety of electronic formats. Some content that appears in print may not be available in electronic books. Library of Congress Control Number: 2010941221 ISBN: 978-0-470-88142-2 Manufactured in the United States of America 10 9 8 7 6 5 4 3 2 1

Contents at a Glance Limited Liability Companies For Dummies 2nd Edition

Introduction ................................................................ 1 Par t I: The ABCs of LLCs .............................................. 7 Chapter 1: What Is an LLC, Really? ..................................................................................9 Chapter 2: LLCs: More Handy Than Duct Tape! ...........................................................19 Chapter 3: Determining Whether an LLC Is Right for You ..........................................39 Par t II: Your First Steps: Forming Your LLC ................. 63 Chapter 4: Playing — and Winning — the Name Game...............................................65 Chapter 5: Choosing the Best State for Your LLC ........................................................81 Chapter 6: Creating and Filing Your Articles of Organization ....................................93 Chapter 7: Conver ting Your Current Business into an LLC .....................................115 Par t III: Customizing Your LLC ................................. 133 Chapter 8: Tell Uncle Sam How It Is! Choosing How You Want to Be Taxed .........135 Chapter 9: The Power Source: Issuing and Transferring Membership ...................151 Chapter 10: Make It Offi cial! Creating Your Operating Agreement ..........................169 Par t IV: Running Your Brand-New LLC ...................... 193 Chapter 11: Maintaining Your Records (And Your Sanity) ......................................195 Chapter 12: Making Cents of Taxes .............................................................................213 Chapter 13: Raising Capital with Your LLC ................................................................225 Chapter 14: Expanding Your Empire: Going National! ..............................................235 Chapter 15: Dissolutions: Every Beginning Has an End ............................................243 Par t V: LLCs on Steroids: Advanced Strategies ........... 259 Chapter 16: Using LLCs to Cover Your Assets ...........................................................261 Chapter 17: Protecting Real Estate with LLCs ............................................................277 Chapter 18: Estate Planning: Avoiding Death Taxes .................................................287 Par t VI: The Par t of Tens .......................................... 297 Chapter 19: Ten Good Reasons to Form an LLC ........................................................299 Chapter 20: Ten Ways to Keep Your Liability Protection Intact..............................307 Par t VII: Appendixes ................................................ 315 Appendix A: LLC Formation Information by State .....................................................317 Appendix B: About the CD ............................................................................................341 Index ...................................................................... 345

Introduction Limited Liability Companies For Dummies 2nd Edition

Now more than ever, business owners and individuals alike are realizing the power of the limited liability company (LLC). If you're like many people, you probably understand that LLCs are right for you in one way or another; you just don't know the next steps to take. Maybe you've purchased a piece of real estate and know that it should be protected in some way; you just don't know how to form the LLC and do the transfer. Or, on a whim, you created an LLC for your current business, and now you can't figure out how to transfer assets, what to do at tax time, or how you can take on a partner. You now hold in your hands the key to some of the most powerful strategies of the rich. This book was written to make your life easier and eliminate the guesswork on forming and owning an LLC. After all, your LLC should work for you, not the other way around. In this book I give you the basics on LLCs and then go into some more-complex strategies. These strategies for protecting your livelihood and assets set this book apart from all the others. The rich have used a lot of these strategies for decades to operate their businesses, protect their assets, and pass on their estates. Now I put the power in your hands. When you find a strategy that may work for you, sit down with your team (your attorney, accountant, and/or corporate consultant) and figure out how to build on it and how to customize it to your specific situation. Use this book as your starting point. Your possibilities are endless, and your asset protection and tax strategies should grow along with you. Now get going on your journey to success and don't look back! Limited Liability Companies For Dummies 2nd Edition
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