Form Your Own Limited Liability Company [With CDROM] Paperback – Oct 6 2009
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Most Helpful Customer Reviews on Amazon.com (beta)
If I'd gotten this book - Form Your Own Limited Liability Company - I would've easily saved $750 in legal fees when I started up. That right there should be enough for you to stop reading this review, and just rush out and get this book if you're thinking about starting up an LLC.
I'm not saying you can do completely without a lawyer, but I suspect you can certainly save at least $750 of legal fees using the information, the forms, templates, and all the tips and advice in this book. If I had to do it all over again, I'd use this book to craft all the basic stuff, then bring that to my attorney to tweak, and voila - instant LLC for less.
Here are some key items you'll find in this book that are incredibly helpful (in addition to the CD with all the forms):
* Comparing LLCs to other forms of business incorporation (including the "doing business as ____" and tax benefits / risks)
* Basics of LLCs components you need to have vs. nice-to-have's
* Key tax items to keep in mind (this is also good to help you weed out accountants - any of them that look at you blankly when you start discussing pass-through versus corporate tax returns is not for you)
* Step-by-step walk-throughs of various documents you need to prepare
* What not to do and what to do when it comes to selecting company names - and why
* Basics operating elements (high-level summary of the other Nolo LLC Operating Manual I mentioned above)
* Advice on finding good lawyers and accountants
* State-specific information (oh, that I had this information 3 years ago)
* Tearout versions of some of the forms, letters and templates so you can start to make notes and jot down ideas right away as you read through the book
And like all Nolo books, you don't need to read through - you just skip around to the parts you need or want. Frankly, even just for the forms and templates, with the rest of the 259 pages just "padding" I think this book is well worth it.
If you're thinking of forming an LLC, this is one resource you should not do without. After all, why throw away $750...?
There is, however, a huge shortcoming in this book and others that does not sufficiently describe the implications of choosing a business-friendly state like Nevada or Delaware to form your LLC, while living and working in a different state.
For example, forming your LLC in Nevada offers a reasonable fee structure (but is a little ambiguous regarding the requirement of a NV Business License each year.) However, if you live in California and will be conducting your business there, you are still required to file with CA as a "Foreign Corporation" and pay a business franchise fee (currently $800).
The upshot is when you're trying to squeeze every dollar out of your start up capital, you should consider setting up your LLC in your home state and not pay two states' fees in spite of the apparent benefits.
This book covers most of what a person needs to form and run a Limited Liability Corporation (LLC), a relatively new, more flexible, type of corporation. The benefits of an LLC include limitations on liability for owners and possible tax advantages in many cases.
The book is well written and easy to understand with business examples and detailed material, including when you need to seek outside expertise. There is a section with information state by state, forms and the often included CD-ROM with forms and other material.
I would recommend reading this book if you are considering forming an LLC. The price is small compared to what you pay a lawyer to tell you the same information. Of course, no book is a substitute for a competent professional, but why pay them to tell you background (or even detailed) information you can discover for yourself? Better to go into their office already armed with plenty of information (which will also increase their opinion of your abilities and seriousness).
Another good NOLO book.
Forming an LLC may be a simple thing in most states if you're going to be the sole member, and have no passive investors. But if you're going to have active or passive partners, there are so many things to consider.
The gist of the book is that if you have fewer than 35 partners, and have no particular need to form a corporation, an LLC can give you a lot of flexibility, and as well as protection of your personal assets. But you need to consider a number of issues before writing your operating agreement, and filing for an LLC.
The book is well written, and relatively easy to understand. It explains both the "hows" and the "whys" with clarity. I would suggest that even if you are inclined to hire your own attorney to handle this legal work that you read this book before burning a lot of billable hours.