How to Use Limited Liability Companies & Limited Partnerships: Getting the Most Out of Your Legal Structure

by Garrett Sutton

Overview

How to Use Limited Liability Companies & Limited Partnerships offers key asset protection benefits to entrepreneurs and investors. This fourth edition of Garrett Sutton’s bestselling book has been completely updated to reflect important legal changes affecting Limited Liability Companies and Limited Partnerships and clearly explains the advantages and best strategies in using them to protect your assets.

Product Details

ISBN-13:	9781944194147
Publisher:	Brisance Books Group LLC
Publication date:	01/10/2017
Edition description:	5th ed.
Pages:	240
Product dimensions:	5.90(w) x 8.90(h) x 0.90(d)

Table of Contents

Acknowledgements vii

Introduction ix

Chapter 1 Entity Selection 1

Chapter 2 Entity Formation 37

Chapter 3 Entity Management 51

Chapter 4 Entity Taxation 67

Chapter 5 Capital Contributions, Ownership and the Securities Laws 89

Chapter 6 The Importance of Following the Formalities 107

Chapter 7 Asset Protection 135

Chapter 8 Single Member LLCs 163

Chapter 9 Estate Planning and LLCs/LPs 171

Chapter 10 Real Estate 195

Chapter 11 Joint Ventures and LLCs/LPs 203

Chapter 12 Intellectual Property and LLCs/LPs 209

Chapter 13 Series LLCs 217

Chapter 14 Admission, Withdrawal and Expulsion of Members/Partners 225

Chapter 15 Transfers of Membership and Partnership Interests 237

Chapter 16 Entity Dissolution 243

Chapter 17 When Not to Use an LLC/LP 253

Chapter 18 Entity Conversion 259

Chapter 19 Bankruptcy 267

Chapter 20 Special Situations - Divorce, Limited Liability Partnerships and Limited Liability Limited Partnerships 273

Chapter 21 Comprehensive Strategies Made Easy 277

Conclusion 285

About the Author 287

Index 289

Editorial Reviews

2016-12-20
A concise but comprehensive overview of legal strategies to manage a business and protect one's assets. There are several legal entities that one may use to conduct a business, including corporations, general partnerships, limited partnerships, and limited liability companies. Attorney Sutton (Loopholes of Real Estate, 2013, etc.) takes each legal structure in turn and explains its essential advantages and disadvantages. Each is designed in different ways to control the management of one's business, shield oneself from legal and financial liability, and capitalize on opportunities to lower one's tax burden. This introductory volume is notably thorough, including a separate chapter on intellectual property—essential for "any halfway sophisticated purchaser of a business"—and extended discussions of bankruptcy, estate planning, and divorce. Sutton also provides a lengthy treatment of fundraising and the pertinent laws that govern securities. During a discussion of due diligence, the author even furnishes a template for keeping the minutes of a meeting. A spirit of relentless preparation in a dangerous, unpredictable world infuses the entire book: "As every reader knows, there are predators in our society poised to attack for the slightest real or imagined infraction," Sutton notes. The subject matter is often vertiginously complex and full of hypertechnical legalese, but the author lucidly explains it all. He approaches the material like a teacher, using simple hypothetical scenarios to illustrate nuanced points; he also includes lists of frequently asked questions and their answers. No amateur could possibly master all the relevant details here, so the book is best understood as a primer that will allow readers to competently hire a legal expert. This isn't breezy reading, and its comprehension demands focused study. However, it's hard to imagine a more rational exposition, and it should prove useful to those who need to understand the difference between sound and unsound guidance. A painstakingly meticulous introduction to a labyrinthine sector of business law.

Kirkus Reviews