Limited Liability Companies For Dummies, 3rd Edition

Limited Liability Companies For Dummies, 3rd Edition

by Jennifer Reuting
Released July 2019
Publisher(s): For Dummies
ISBN: 9781119602187

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Book description

Become a savvy entrepreneur with your own LLC

Limited Liability Companies For Dummies, 3rd Edition offers a clear, concise guide that explains the pros and cons of LLCs, and shares insider tips on everything from choosing your members and your company name to creating and filing your Articles of Organization and managing day-to-day operations. You'll find the most current, real-world advice on customizing an LLC for your specific business needs, creating a great operating agreement, keeping accurate records, and new information on federal regulations and fees that are applicable to LLCs, as well as a link to online tools, forms, and documents

Most of the previous drawbacks to forming an LLC have all but disappeared with the IRS having loosened restrictions and individual states following suit. Because LLCs are now more flexible, they remain an attractive option for those launching a new business or reorganizing an existing business. This book shows how to form and tap into the power of an LLC:

  • Keep up on the latest information on federal taxes, regulations, and fees
  • Discover the advances in technology, including online tools that streamline the processes
  • Get up-to-the minute documents and forms on new filing requirements
  • Learn how to set-up a real estate LLC or an LLC among family members
This hands-on guide addresses everything you need to know about LLCs, and will help you organize, launch, and run your business as a limited liability company just like the experts do!

Limited Liability Companies For Dummies, 3rd Edition (9781119602187) was previously published as Limited Liability Companies For Dummies, 3rd Edition (9781118852989). While this version features a new Dummies cover and design, the content is the same as the prior release and should not be considered a new or updated product.

Table of contents

  1. Cover
  2. Introduction
    1. About This Book
    2. Foolish Assumptions
    3. Icons Used in This Book
    4. Beyond the Book
    5. Where to Go from Here
  3. Part 1: The ABCs of LLCs
    1. Chapter 1: What Is an LLC, Really?
      1. Understanding How LLCs Work
      2. Creating Your Own LLC: Your First Step Toward Success
      3. Operating Your LLC
    2. Chapter 2: LLCs: More Handy Than Duct Tape!
      1. Understanding Why LLCs Are Awesome
      2. Taking a Look at a Few Wrinkles
      3. Discovering the LLC’s Many Variations
    3. Chapter 3: Determining Whether an LLC Is Right for You
      1. Knowing Your Options: Other Business Structures
      2. Getting Personal: Using an LLC to Achieve Your Goals
  4. Part 2: Your First Steps: Forming Your LLC
    1. Chapter 4: Playing — and Winning — the Name Game
      1. Establishing the Best Name for Your LLC
      2. Determining the Availability of a Name
      3. Protecting Your Name
      4. Completing Your Identity with a Logo
      5. Changing Your Name
    2. Chapter 5: Choosing the Best State for Your LLC
      1. Your State or Not Your State, That Is the Question
      2. Exploring Tax and Privacy Havens
      3. Working with a State-Required Registered Agent
    3. Chapter 6: Creating and Filing Your Articles of Organization
      1. Making a Few Big Decisions
      2. Preparing Your Articles
      3. Filing Your Articles
      4. Considering Formation Companies
    4. Chapter 7: Converting Your Current Business into an LLC
      1. Considering Conversion to an LLC
      2. Navigating the Tax Minefield
      3. Executing the Conversion
      4. Tying Up Loose Ends After the Conversion
  5. Part 3: Structuring Your LLC
    1. Chapter 8: Tell Uncle Sam How It Is! Choosing How You Want to Be Taxed
      1. Getting to Know the Tax Types
      2. Notifying the IRS of Your Election
    2. Chapter 9: Make It Official! Getting Started on Your Operating Agreement
      1. What Is an Operating Agreement?
      2. Establishing Your Framework
      3. Drafting Basic Provisions
    3. Chapter 10: Structuring Your Partnership
      1. Understanding the Terminology: Members, Interests, and Certificates
      2. Locating and Recruiting Key Partners
      3. Issuing the Membership
      4. Making Folks Earn Their Share: Membership Vesting
      5. Setting Up a Single-Member LLC
      6. Setting Up Rules for Managers
    4. Chapter 11: Using Your LLC to Attract Investors
      1. Structuring Your LLC to Attract Investors
      2. Appeasing the SEC with an LLC
      3. Flying through State Securities Laws (Blue Sky Laws)
    5. Chapter 12: Doing the Membership Shuffle
      1. Investigating Intricacies of LLC Membership Interests
      2. Preparing Now For an Easy Transition Later
      3. Executing the Transition
      4. Wrapping Up the Operating Agreement
  6. Part 4: Running Your Brand-New LLC
    1. Chapter 13: Maintaining Your Records (And Your Sanity)
      1. Filing Your Initial Report
      2. Paying to Play: Business Licenses
      3. Meeting Other Pertinent Requirements
      4. (Record) Keeping Your Liability Protection
    2. Chapter 14: Making Cents of Taxes
      1. Reviewing the Tax Types
      2. Filing Your Federal Returns
      3. Avoiding LLC Tax Traps
    3. Chapter 15: Expanding Your Empire: Going National!
      1. Registering Your LLC in Multiple States
      2. Maintaining Your Multi-State LLC
    4. Chapter 16: Dissolutions: Every Beginning Has an End
      1. Getting Clear on the Context
      2. It’s Melting! Examining the Reasons Your LLC May Dissolve
      3. Considering the Future Before Calling It Quits
      4. Undergoing the Dissolution Process
  7. Part 5: LLCs on Steroids: Advanced Strategies
    1. Chapter 17: Using LLCs to Cover Your Assets
      1. Knowing the Dangers: What Can Happen without LLC Protection
      2. Getting the Best Asset Protection with LLCs
      3. Exploring Strategies for Increased Security
    2. Chapter 18: Protecting Real Estate with LLCs
      1. Comparing LLCs to Other Possible Real Estate Entities
      2. Looking at LLC Property Logistics
  8. Part 6: The Part of Tens
    1. Chapter 19: Ten Good Reasons to Form an LLC
      1. To Customize Your Small Business
      2. To Protect Real Estate Assets
      3. To Shield Intellectual Property
      4. To Raise Seed Capital for Your Business
      5. To Plan Your Estate
      6. To Do a Short-Term Project
      7. To Segregate Assets
      8. To Minimize Your Tax Burden
      9. To Change the Profit Distributions
      10. To Protect Your Personal Assets
    2. Chapter 20: Ten Ways to Keep Your Liability Protection Intact
      1. File the LLC Properly
      2. Find a Partner
      3. Create an Operating Agreement
      4. Capitalize the Company
      5. File Your Annual Reports
      6. Hold Member Meetings Regularly
      7. Obtain Your Licenses and Permits
      8. Avoid Commingling Funds and Assets
      9. Sign Your Documents Correctly
      10. Give Up Some Control
  9. Glossary
  10. Index
  11. About the Author
  12. Advertisement Page
  13. Connect with Dummies
  14. End User License Agreement

Product information

  • Title: Limited Liability Companies For Dummies, 3rd Edition
  • Author(s): Jennifer Reuting
  • Release date: July 2019
  • Publisher(s): For Dummies
  • ISBN: 9781119602187