Read Online How to Use Limited Liability Companies Limited Partnerships Getting the Most Out of Your Legal Structure Garrett Sutton 9781944194147 Books

Product details Paperback 240 pages Publisher SuccessDNA; 4 edition (January 10, 2017) Language English ISBN-10 1944194142

How to Use Limited Liability Companies Limited Partnerships Getting the Most Out of Your Legal Structure Garrett Sutton 9781944194147 Books Reviews

• This book is a how-to of owning and running an LLC (limited liability company) and LP (limited partnership). While I've had an LLC for a few years, I always looks for ways to make the experience more effective, cost efficient, and productive. When I started the process, I often said to myself, "If only there was a guidebook on how to do all this stuff!" Turns out there is--and this is it! If only I had gotten this book when starting out, I really could have saved myself a lot of headaches and time due to mistakes on my part. The book has comprehensive chapters and sections on issues like taxes, asset protection, and management that focuses on the legal aspects of running a business and strategies to save time and money.
  
  There are two things I really liked about this book that I have found to be absent from other books I've read on this subject. First, the book clarifies differences in available types of LLCs and discusses when LPs and joint ventures of projects might be a better idea. I also really liked and found to be incredibly helpful information that wasn't "business" focused. As part of an inheritance, I have reluctantly entered into an LLC and didn't really understand how that was different from my other business LLC. This book gives great examples and guidelines for various needs and answered many questions I didn't even know how to phrase.
  
  Another incredibly helpful feature are the forms and templates needed for general business use, such as minutes of meetings, resolutions of meetings, etc. Other features I found beneficial was the question/answer section and the graphics that broke complicated concepts down into manageable chunks.
  
  Overall, it's a solid investment for those who are thinking of starting their own LLC, or for those who have one but want to use it in more effective ways.
• When readers pick up a book by Garrett Sutton, they can be sure of two things One, that the information will be complete, accurate and thorough; and two, that the information will be understandable and applicable. As an author, Sutton is patient with his readers; he presents every angle within a topic. When you think you must know everything there is to know, Sutton gives more. He breaks down the information in a way that is unintimidating and easy to understand. The case studies he offers give his books real world examples of how to apply the book’s information into a real world scenario.
  
  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.
• “You are about to learn powerful legal strategies used by the rich for generations to protect their assets and operate their businesses.” Now in its fourth edition, How to Use Limited Liability Companies & Limited Partnerships Getting the Most Out of Your Legal Structure is the perfect tool to explain how and when to use Limited Partnerships (LPs) and Limited Liability Companies (LLCs)—“two of the most popular and powerful business entities available today.”
  
  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