Customer Reviews

Limited Liability Companies For Dummies

5 star:		(16)
4 star:		(4)
3 star:		(0)
2 star:		(1)
1 star:		(5)

 

 

I recently formed an LLC and wished I had read this book first, it would have saved me a lot of wasted time and money. It really is light years ahead of the other similar books I purchased both in information provided, and in the easy to read way it's presentated. What I especially like about it is everything is put into the proper context and all the dots are connected in a way that really helps the reader make sense of how a LLC should fit into their total business plan... I can't recommend this book enough.

We are in the process of becoming a LLC and I bought the book hoping for some answers in one syllable or less. This is a must read book for anyone thinking of forming a LLC. It answered all my questions and brought up some questions I need to ask my lawyer. I have had it only a couple of months and have read it twice and will probably refer to it again. It gives the lay person insite into the LLC and helps you answer questions about forming maintaining and ending a LLC.You need to read this before going any further into organizing a LLC. It also gives you alternatives to a LLC too. The version with the CD rom with it provides current forms that need to be filed with each state which is a plus.

I ordered this book after thinking about starting a real estate rental company. I've looked around at other books and read a bunch of reviews, and so far I've found this one to be the best introductory book that isn't half-filled with standard forms and filler (those forms come on the included CD).

The book specifically suggests how to form an LLC for real estate businesses, so it was perfect for me. The author goes on to say that everyone should form an LLC to protect their assets from personal lawsuits (which, while expensive in some states, not a bad idea). The chapters are self contained and cross referenced so you can jump around to what's pertinent to you, and it's easy to jump from setting up ownership (chapter 2) to how to cancel membership shares (chapter 10).

The only thing that could be better about the book is more information on state-specific laws and regulations. There's an appendix section on different state fees and franchise taxes, but that's about it.

It's easy to read and things are put in layman's terms, but that's not to say it's dumbed-down. If you own a small business or are thinking of starting one, buy this book. It's definitely worth the price and the time it takes to read.

Oh, and buy a highlighter!

This guide is clear, concise and an absolute must-read for those starting an LLC.

Before I picked up this book I was completely in the dark, but for every question I had there was a simple and easy to understand answer.

I've recommended to several friends that are thinking of starting businesses in the New Year.

Great guide on setting up an LLC. It's very thorough, very useful, and I am so thankful that I read through this before diving in. The book addresses a lot of my concerns and also brings up points that I didn't even know I should be thinking about. Great guide - in fact, I find most of the Dummies series to be useful.

This is the best book I've read for LLC start up! It doesnt lead you around, just gets straight to what you need to know. It has helped me tremendously from start to finish and didn't make me feel like a "dummy". In fact, I always refer back to it when I'm unsure. I recommend this book for anyone, if you are planning on starting you're own business or even a student studying business in college. It's a great read and one to keep in your personal library!

I opted for my first "For Dummies" book because it seemed inviting.

HOWEVER, information on California single-member LLC's is inaccurate. The appendix is wrong, and also an entire page on why you should not form a single-member LLC is questionable. I believed that a "For Dummies" book would be credible because of it's popularity, so I asked FOUR other sources (3 business lawyers, and a reputable LLC filing company). Not one source concurred with Reuting.

Given that discrepancy, I lost confidence in the rest of the book and now feel the need to re-check all the facts in it. For technical information, I may never purchase another 'For Dummies' book.

I just began reading LLC's for Dummies. This book answers all of the questions that I had for my lawyer and CPA on starting my own LLC. The book is very thorough and concise including legal issues, record keeping and financial details.

A highly recommended read if you are starting a LLC.

DO NOT purchase the ebook version! The ad claims it "comes with" the CD containing forms yet when you order the ebook there is no available download and they cannot provide the CD. As far as I'm concerned that is false advertising! I want my money back!

I own several LLC's for various reasons. I went in search of a way to form a private company without my name on it and ran across this woman online. Wow! She talks a good game. She gives all these reasons why you should have a partner to really shield yourself from liability. And she then explains that even if you don't want a partner you can still work this out by giving that person 1-2% of the business and making sure you have in your internal documents a private proxy vote that lets you overrule everything. OK, fine. You also have all these other things to consider once you take on a partner, like what if that person dies or you die. What if the person wants to sell out. As the King said, "Etc. Etc. Etc."

OK, I was sucked into this nightmare. I was going to do it all to get the higher liability protection. I was so impressed with her that I immediately ordered the book.

You can create a private company in Nev or Wyoming. So now I am trying to decide between the two. Nevada has much higher fees and some hidden ones. And they nickle and dime you every time you need to make a change. But she said it was a little better than Wyoming and so I was trying to find out what THAT meant. As it turns out, WY is better. If you get sued, in WY, ALL the creditor can get is what is in your LLC, they cannot even inquire beyond it. Apparently, in NEV the creditor has more access.

So then the question was, what about doing business in other states. OK, here comes the catch---if you have to file as a foreign company in another state to do business there (and I do a lot of commercial interstate business) then the second state is going to reveal your identity and your privacy is lost. I think that is right. So I went on a search as to what to do then. It turns out (despite what I was told by just about everyone locally) that if you are engaged in interstate commerce, no foreign filings. YES!

So, I'm good. I am going to WY to get the best protection but now we go back to the whole partner thing---which I don't want. As it turns out, in WY, you can have a close corporation (just me) and do the S corp designation with the IRS so the money flows directly to me and is not double taxed. I also understand it prevents double taxing with social security (or something like that and you don't get that benefit with the LLC). And, best of all, you get superior liability protection in WY.

So, here's the rub and why I just went and cancelled my order for her book. Why did I believe all her hype about the need, desperate need, for a partner? She said that I REALLY needed to give 2% away to establish the presence of this partner, which then netted the need for the private proxy overrule and the death and sales of shares issues, etc. etc. etc. That would have been a wholesale nightmare! A nightmare! Now I just have the close corp and no partner. I will have a front guy (anyone who will keep your secret) listed on the state register (yes, this is why you cannot stay private when you have a company and how easy it is for someone you are doing business with to see that you are the company---which was one of the whole reasons I have a company---to stay anonymous). Learn from my mistake: I tried to buy land from a neighbor once (via a realtor), and I did not want to deal with the emotional issues with the neighbor who was forced to sell his property. So I set up a company, and he found out right away who he was dealing with on the other side. Let me tell you, the bad blood still runs deep. He yelled at me from here to there, when I was just trying to make it easier for everyone. His voice is still ringing in my ears from years ago!

So if you want privacy, you need to do it in WY or Nev. Getting back to the officer thing, you can remain the sole shareholder (privately) and designate your front guy on the state register as President, Sec, & Treasurer and then you become the Vice-President (also private, for who knows what reason---this all just a fiction, but one that works if you know the fictional rules). Your bylaws then put you in sole control.

And the company the author is connected to online---(google her and you will see the one, because Amazon probably will take it down if I put it here)is lost in Loserville. You are forewarned. I just used them to be my registered agent. You have to use someone and they are $100, which was the cheapest I found. Except, WY requires THEM to fill out the registered agent forms and put an original signature on it. They don't seem to know this. After I paid my money, I found this out. (Oh, and enjoy reading their disclaimer. Believe me, they disclaim that they will ever be liable if they ever do anything wrong. They are not liable if they do absolutely nothing for you. STUPID ME for signing this disclaimer---it lets them do NOTHING for you). Getting back to after I paid them, they sent me a form to keep and told me what I needed to do with them once I get my registration. HEY! I can't get that until they do their part, so I emailed them and told them this. Have yet to hear back. I would not use them again. They don't seem to know what their side of it is, which I am supposed to enclose with my paperwork before I can get registered. (This is an update on that company, when I got my paperwork, it was addressed to my neighbor and my name was spelled incorrectly on the outside and on the letter inside. This so not acceptable. You want your registered agent to not only be precise, but to know who and where you are!)

She may have lots of great information in her book, but how are you going to know what the hype is and what you really, really need to do. I welcome comments as I am still trying to piece this together, and I don't know what else I am missing, until it happens. I know I do not want the headache of having a partner. I want as little paperwork as possible, privacy, sole control, and maximum liability protection at as small a cost as possible. I REALLY wanted this book, because she sounded so in control in what I read online. I need to trust someone, but not someone who is going to direct me toward a wholesale headache when it is something I definitely do not need to do.

So, there you have it. And don't pay anyone to fill out the Articles for you. You can go to the WY secretary of State's office and fill them out in a nano second for FREE. Which isn't to say that you should not get legal advice. If you can afford it, get it, but the paperwork is a breeze. If you do the close corp, you will need your registered agent's address, your address and company name, and put unlimited where it asks for the number of shares. I just read the code sections that apply to shares online and it told me that---> you can put "ulimited" on the line that asks about shares. That's it. You also need to do a name search, but I had already done that. And you can call the sec of state in WY for help, which I am doing on Monday to figure out the dissolution/transition from the other state, although this may not be possible in my case since I have an LLC which I am changing to a Close corp. (Close corp just means closely held corporation which was meant for families who had the family bakery or whatnot and did their business meetings informally over the dinner table---in other words, the rules are relaxed!!! And in WY---ding, ding, ding---you alone can be a close corp).

OK, I was thinking about this today and thought I should probably also add the whole thing about the Registered Agent. This is the company that will accept service of process (legal documents brought to the door that must be signed for by someone) in the event that you get sued. Hopefully that will never happen, but you still have to have someone in the state in which you are registered to do this. They then just send them on to you. A lot of companies do this---it's just a formality, nothing to stress over. You just pay your money and get your agent and then put that address on your forms. Hopefully you can find someone who does not disclaim that they don't have to do anything. If so, let me know.

Almost forgot, there is another reason to change from an LLC to a close corp. If you are doing business and want to drop the LLC designation, you have to file for a fictional name. So let's say you are Big Ladies, LLC. In order to just operate as Big Ladies (and drop using LLC at every turn so you can try to create a brand name for your business), you have to file this fictional name form (and pay a fee and usually publish it--more fees---and then you have to do this in EVERY bleepin' state where you do business---and I suspect in some states it is every bleepin' county---can you say really a nightmare). If you are a close corp, there is none of that. Setting up an LLC that is going to do business in a lot of areas is just wrong if you are trying to build a brand name. I didn't get this until recently, because my other businesses were not about branding.