Customer Reviews

How to Use Limited Liability Companies & Limited Partnerships

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3 star:		(1)
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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.

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) :)

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.

This book is nice but in reality the protection provided by a LLC or LLP is limited by one's ability to pay the cost to defend a lawsuit, regarding the status of the LLC or LLP, which can actually bankrupt a person.

An aggressive lawyer can usually find a way to pierce the so called veil of limited liability of an LLC or LLP due to the sloppy business practices of its owner and the lawyer also usually brings a lawsuit against the owner in their individual capacity. And even if the Plaintiff is unsuccessful the defense costs one has to pay to defend such an action can be so staggering one may still have to file a bankruptcy or sell his assets to pay the defense lawyer or pay a settlement to make the lawsuit go away.

I believe one protects themselves better by just buying a cheap umbrella liability coverage policy in an amount equal to their assets. This way if you get sued the insurance company pays the damages. Or you can always choose to just file a bankruptcy to discharge any potential claims. It is absolutely amazing how much money one can exempt and still file a bankruptcy.

Mostly an LLC or LLP acts as a psychological obstacle for uneducated persons. People think they can not sue an LLC or LLP successfully so they never try. In that regard an LLC or LLP may provide some protection. But an LLC or LLP will never stop an aggressive person with an aggressive lawyer from suing you! Also the assets you keep in your LLC or LLP name are always subject to liquidation from valid claims of the LLC's and LLP's creditors.

As a final note NO bank will ever lend an LLC or LLP money. You always have to sign a personal guarantee regarding any loans obtained on behalf of the LLC or LLP. Therefore the bank will always sue you individually in the event of a default of the loan.

Buyer Beware an LLC and LLP is far from a perfect solution. The law is there to protect and compensate persons that suffer injury by your unreasonable conduct that causes harm to them no matter what. Just don't do stupid things which is the moral of the story if you want to protect your assets!

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.

If you did not take a business class in college, this book is great to teach you the basics. It teaches everything from scratch and tells you how to get the additional information you need. There are other books out there that also come with a CD with the forms you need. This book does not have these application forms, but these keep changing anyway so you have to get them from the state website you apply to.

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.

This book will save you a lot of legal fees and hassles. He tells it like it is, in a way that non-lawyers can understand.

Very good book. I love the real life situation, if there is a book were you ever asked "I wish they had my situation," this would be it.

This book covers everything I wanted to know and more. It will be a constant reference book for me.