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How to Use Limited Liability Companies & Limited Partnerships Paperback – October 1, 2009


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How to Use Limited Liability Companies & Limited Partnerships + Start Your Own Corporation: Why the Rich Own Their Own Companies and Everyone Else Works for Them (Rich Dad Advisors) + Tax-Free Wealth: How to Build Massive Wealth by Permanently Lowering Your Taxes (Rich Dad Advisors)
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Product Details

  • Paperback: 280 pages
  • Publisher: Success DNA, Inc.; 2nd edition (October 1, 2009)
  • Language: English
  • ISBN-10: 0971354901
  • ISBN-13: 978-0971354906
  • Product Dimensions: 8.9 x 6 x 0.6 inches
  • Shipping Weight: 12.8 ounces (View shipping rates and policies)
  • Average Customer Review: 4.3 out of 5 stars  See all reviews (21 customer reviews)
  • Amazon Best Sellers Rank: #141,100 in Books (See Top 100 in Books)

Editorial Reviews

Review

I highly recommend this book. Every asset I own has its own protection and each investment is individually protected. If you are going to hold assets you need to implement the strategies clearly discussed in this excellent book. --Ken McElroy

Garrett Sutton has written an excellent overview of asset protection strategies allowing you to protect your life's work. I recommend that all of my clients read this book. --Gary Gorman

Garrett Sutton has written an excellent overview of asset protection strategies allowing you to protect your life's work. I recommend that all of my clients read this book. --Gary Gorman

Garrett Sutton has written an excellent overview of asset protection strategies allowing you to protect your life's work. I recommend that all of my clients read this book. --Gary Gorman

About the Author

Garrett Sutton, Esq., author of Start Your Own Corporation, and Buying and Selling a Business in the Rich Dad's Advisor series, is an attorney in Reno, Nevada.

Garrett has over thirty years experience in assisting individuals and businesses to determine their appropriate corporate structure, limit their liability, protect their assets and advance their financial and personal goals.

Garrett and his law firm, Sutton Law Center, have offices in Reno, Nevada, Jackson, Wyoming and San Francisco, California. The firm represents hundreds of corporations, limited liability companies, limited partnerships and individuals in their business-related law matters, including incorporations, contracts, and ongoing business-related legal advice.

Garrett attended Colorado College and the University of California at Berkeley, where he received a B.S. in Business Administration in 1975. He graduated with a J.D. in 1978 from Hastings College of Law, the University of California's law school in San Francisco.

Garrett is a member of the State Bar of Nevada, the State Bar of California and the American Bar Association. He has been featured in The Wall StreeJournal,The New York Times, and other publications. Garrett enjoys speaking with entrepreneurs on the advantages of forming business entities and is a frequent lecturer in the Rich Dad's Advisors series.


More About the Author

Garrett Sutton is an Attorney with over 20 years experience in assisting individuals and businesses to determine their corporate structure, limit their liability, protect their assets and achieve their personal and professional goals

Customer Reviews

I am a CPA and like to do things myself.
Dallas Gorham
The main reason I like this book is that the author really understands the idea of LLCs.
Citizen John
Do it before starting or after, but read it!
Rickey M. Payne

Most Helpful Customer Reviews

49 of 52 people found the following review helpful By Reader in Palo Alto on August 25, 2006
Format: Paperback Verified Purchase
Using this book---and perhaps, a Nolo book or two---you can set up your own wealth protection plan, and assure that the lion's share of your assets will actually past to your intended beneficiaries---not to the government. Sutton writes at the perfect level for the intelligent layperson---not "for dummies", but also, not in unintelligible "legalese".

Another nice touch: although he does mention the various services his firm provides, the usefulness of this book is not at all dependent on that. (Although, after reading this book, I think you will conclude that Sutton is a very knowledgable, and reasonable person, and that using his services may not be a bad idea at all.)

In short, this book actually delivers what so many others only promise.
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37 of 41 people found the following review helpful By J. S. Harris on December 2, 2008
Format: Paperback Verified Purchase
I've read more than a dozen LLC/LLP/Corp books and this is BY FAR the BEST book (in its class) on how and why to use these business structures. Most other books give poor advice and consist of second rate templates and forms. They also devote as much as half of the pages to printed forms and state by state details that would be best left to the CD and to visiting the state web site - I guess it makes the book look bigger.

The author explains why you want to use the various entities, their advantages and disadvantages for both limited liability and tax treatment. He also includes Family Limited Partnerships for estate planning. This is a must read before you select the entity of choice and before you visit your attorney/CPA, etc. (No book is a substitute for a great attorney, but this one will help you minimize the bill.)

He has some forms, which are actually fairly good. The two drawbacks are only a few forms and there is no CD, so you'd have to type them. However, you can pick about any of the many LLC books with a CD and use them as a starting point. (Nolo books aren't too bad) You'll probably end up re-writing a lot of what they provide, but this book gives you a good start on how to improve them.

To form an LLC, I would read this book, then visit the web site for your state to find the detailed information on how to start one. States generally keep their sites up to date and have better information than the books anyway. (For example, forming an LLC in NY requires publishing and ad in two newspapers, something left out of almost all the books.) As a personal note, I always check the state laws and provide ONLY the information required by law and a clause for dispute resolution when forming an entity. (Privacy protection) This is usually far less information than many books and attorneys suggest. (except for the better ones, of course) :)
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7 of 7 people found the following review helpful By Citizen John TOP 100 REVIEWERVINE VOICE on September 5, 2011
Format: Paperback Verified Purchase
Sutton gives the philosophical approach to having one's own LLC(s) while showing how to handle the major items of business. It's all about complexity from a cost-benefit perspective. As he explains, wealthy individuals use complexity to their advantage. Sure it costs them. They have to pay accountants, for example. But if there's some cash flow, one can leverage it with the advantages offered in this business entity type.

The main reason I like this book is that the author really understands the idea of LLCs. Also, it outlines all the major events in the life of an LLC including dissolution. Very useful for anybody with some cash flow and a willingness to take on additional complexity.
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90 of 120 people found the following review helpful By A Customer on January 21, 2002
Format: Paperback
There's no doubt that this book is going to help my company become very powerful with lots of protection. The kind of protection that would cost thousands from legal council.
Wealth can take years to achieve but minutes to lose. Thanks
to the author for sharing such incredible valuable information
that will maximize corporate profits while limiting loses. I truly feel that I now have a true fort around my business.
This book should be a required reading for any BUSINESS OWNER
especially if they want MAXIMUM ASSET PROTECTION-THUMBS UP!!
DeWayne Johnson-MBA-Palm Springs,CA.
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5 of 5 people found the following review helpful By Edward J. Barton VINE VOICE on June 9, 2012
Format: Paperback Verified Purchase
The book provides a decent overview of the LLC and Limited Partnership structures for business, estate and asset protection planning. Reviewing the strengths and weakensses of various legal structures - including the S and C Corporation, the general partnership, proprietorship, and culminating in the LP and LLC, the book gives decent generally applicable advice for business owners, professionals and others looking to structure their finances effectively.

Using various case studies, the author provides useful real world examples for business structures, family estate planning and asset protection planning - including the use of charging orders and structure to help avoid unnecessary risk or taxation. The writing style is straightforward, and while the author takes the opportunity to pitch his own services about two dozen times in the book, they aren't horribly intrusive.

Finally, the information it contains will provide you with enough data to work woth your professional advisors to structure your finances in such a way, and to ask the right questions, to lead you to a good outcome. Not enough for a DIY book - this is a topic you probably shouldn't DIY anyway.
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5 of 6 people found the following review helpful By Kida on August 5, 2008
Format: Paperback
This book is a must-read for anyone interested in starting a business as either an LLC or LP entity. It covers all the basics in layman's terms, and helps prepare the reader for any number of possible occurrences. After reading this book you may feel ready to form your business entity, or you may still wish to speak with an attorney. Either way you will be informed so that you know what questions to ask and how to move forward.
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