This guide to the Limited Liability Company (LLC) covers the unique characteristics of an LLC under federal law, forming it under state law, the importance of a written operating agreement, the requirement for maintaining a sufficient capital base to meet all business commitments, and the tax forms and balance sheets needed to be considered an LLC. Clear and easy to grasp, this reference fully describes all technical terms and demystifies the forms and procedures of the LLC. Also covered are entity classification elections and changes, for-profit and at-risk limitation rules, the 'like-a-corporation' standard, how to establish 'limited liability', and more.
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Editorial Reviews
About the Author
Holmes F. Crouch is the author of 25 books including Family Tax Strategies, Disagreeing with the IRS, and Winning Your Audit. He has 25 years of experience as an IRS enrolled tax practitioner. He lives in Saratoga, California.
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Most Helpful Customer Reviews
56 of 60 people found the following review helpful:
5.0 out of 5 stars
A Different Approach,
This review is from: Profits, Taxes & LLCs (Series 200: Investors & Businesses) (Paperback)
I gave Mr. Crouch 5 stars because it is obvious that he is not simply repeating the same old thing I can find in most other books relating to corporations and LLCs and their benefits. He walks you through most of the technical matters in a tutorial way, explaining the significance of different laws and what they say & don't say. He provides much food for thought that I found nowhere else. He is a breath of fresh air after reading extensively on these topics. This book should be on your shelf if you own, manage, or have a need to learn about LLCs.
10 of 10 people found the following review helpful:
3.0 out of 5 stars
Profits, Taxes, & LLCs,
By
This review is from: Profits, Taxes & LLCs (Series 200: Investors & Businesses) (Paperback)
The book is very detailed about the financial. Hard to understand and I have several degrees. I have taken graduate course in accounting and was a tax preparer and still found it difficult to understand what he's taking about. Overall it a reference book, but leaves some questions unanswered and might not help in doing the bookkeeping for a new LLC you just formed.
11 of 12 people found the following review helpful:
4.0 out of 5 stars
Everything you wanted to know about LLC taxes,
By Sergei (Redwood City, CA) - See all my reviews
This review is from: Profits, Taxes & LLCs (Series 200: Investors & Businesses) (Paperback)
Although a couple of initial chapters are dedicated to general LLC formation issues, the bulk of the text is dedicated to tax issues and explanation of tax forms. The author does a thorough job covering everything you wanted to know about LLC taxation, presenting information not readily found elsewhere. This book compliments other "How to form an LLC" books very well.
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Inside This Book
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First Sentence:
An LLC Is Not A Corporation, Nor Is It A trust. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
special loss allowance, year unallowed losses, accounting isolation, alter ego liability, distributive share items, foreign eligible entity, written operating agreement, passive activity income, other passive activities, prorata share, rental real estate activities, tax classification, preprinted instructions, adjusted tax basis, suspended losses, nonresident members, classification election, nonrecourse debt, nonrecourse financing, disregarded entity, material participation, allowable loss, economic substance, proprietorship form, managerial rights Key Phrases - Capitalized Phrases (CAPs): (learn more)
Secretary of State, Internal Revenue Code, Return of Partnership Income, California Corporations Code, Editorial Note, Passive Activity Loss Limitations, Service Center, Code Secs, Individual Income Tax Return, Rule There New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
An LLC Is Not A Corporation, Nor Is It A trust. Read the first page Key Phrases - Statistically Improbable Phrases (SIPs): (learn more)
special loss allowance, year unallowed losses, accounting isolation, alter ego liability, distributive share items, foreign eligible entity, written operating agreement, passive activity income, other passive activities, prorata share, rental real estate activities, tax classification, preprinted instructions, adjusted tax basis, suspended losses, nonresident members, classification election, nonrecourse debt, nonrecourse financing, disregarded entity, material participation, allowable loss, economic substance, proprietorship form, managerial rights Key Phrases - Capitalized Phrases (CAPs): (learn more)
Secretary of State, Internal Revenue Code, Return of Partnership Income, California Corporations Code, Editorial Note, Passive Activity Loss Limitations, Service Center, Code Secs, Individual Income Tax Return, Rule There New!
Books on Related Topics | Concordance | Text Stats Browse Sample Pages:
Front Cover | Table of Contents | First Pages | Back Cover | Surprise Me!
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