Customer Reviews

Limited Liability Company: Small Business Start-up Kit

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

 

 

I loved this book. It is basically a small business startup guide that focuses on choosing the LLC company structure. It could be used as a workbook to start your own business as an LLC. Even if you are planning to start a sole proprietorship or a corporation, this book still has substantial value for you. It is comprised of 18 chapters:

* List of forms on CD

* Introduction

1. Deciding to start business as an LLC

2. Business startup checklist

3. Developing a business plan

4. Developing a marketing plan

5. Developing a financial plan

6. Operating an LLC

7. LLC paperwork

8. Pre-organization activities

9. Articles of Organization

10. Operating Agreement

11. Members meetings

12. Amendments to Articles of Organization

13. Termination of LLC

14. Employee documents

15. Business financial recordkeeping

16. Business accounts

17. Business payroll

18. Taxation of LLC

* State LLC information

* Glossary of Terms

The things I liked the most about the book include: (1) the business plan material included in chapters 2 through 4, (2) the Articles of Organization and Operating Agreement material in chapters 9, 10, and 12, (3) the coverage of Taxation of LLC in Chapter 18, (4) the State LLC information, and (5) the Glossary. All these areas were covered well, but more research should be pursued on each topic in order to fully understand them. A call to your local SCORE chapter would probably prove to be helpful to you to learn more. Also, you may want to visit the free law library at your county courthouse and ask the law librarian to show you the form book regarding LLCs.

Regarding the Business Startup Checklist, I would recommend that the preparation of your Operating Agreement, employee contracts, and Chart of Accounts should be done during the creation of your business plan. Doing these three tasks when the author suggests is a little late in the game in my humble opinion.

Also, at page 62 I would have said that an Operating Agreement is only important if the LLC is going to have more than one member. And I found it a little confusing when the author describes and discusses business plans when he talks of an overall business plan that includes three plans: business, marketing and financial. Maybe the sub-plan should have been called an operations plan?

I would have liked the book better if when financial plans for the business plan were discussed that there had been some coverage on cash flow statements. Cash flow is critically important for a small business - both in the planning stages and in the actual operating stages. 5 stars!

It can be daunting diving into the world of business. "Limited Liability Company: Small Business Start-Up Kit" is a guide for readers who want to understand what a Limited liability company is and how to break into business using one for their own personal business. Highly detailed with no shortage of tips for establishing it, and enhanced with a CD-ROM full of resources, "Limited Liability Company" is an invaluable read for any starting independent business person.

I purchased this book with high hopes. I needed to update my operating agreement. I reviewed the agreement provided on the CD by the author. Well, the agreement is the worst. It is very simple and lacks many important provisions for a solid, quality agreeement. Furthermore, there's no mention or even sample of a capital accounts, which is an important part of an LLC (multi-member). What a waste of my money. Now, I'm searching for another book.