Starting a Limited Liability Company, 2nd Edition [Paperback]

Martin M. Shenkman (Author), Samuel Weiner (Author), Ivan Taback (Author)

Book Description

Publication Date: February 28, 2003

With Starting a Limited Liability Company you’ll learn how an LLC can work for you and exactly what you need to do to set up and operate one. The updated second edition features completely revised and updated planning strategies, and new chapters on the one-member liability company, estate planning, home businesses, and more. You’ll also find:

• Expert guidance on applying LLCs to operating a business, estate planning, protecting assets, real estate acquisitions, professional practices, avoiding ancillary probate, and venture capital operations
• Plans and strategies for converting partnerships into LLCs and combining LLCs and trust planning
• A detailed glossary, along with checklists and loads of sample legal forms that simplify the process

Editorial Reviews

From the Back Cover

Everything you need to know to set up and operate an LLC

Combining the tax benefits of a partnership with the limited liability protection of a corporation, the LLC is one of the most popular and flexible forms of business organization for small business owners, investors, and wealthy individuals. Legal in all states, LLCs are safer, cheaper, simpler, or easier to maintain than alternative organizational forms, including Subchapter S corporations and limited family partnerships. And the benefits of LLCs are enormous: they can own subsidiary LLCs; have greater flexibility in allocating profits than an S corporation; can have an unlimited number of investors; and they are even better than limited partnerships for protecting assets.

Starting a Limited Liability Company, Second Edition shows you how an LLC can work for you and exactly what you need to do to set up and operate one. The updated second edition features completely revised and updated planning strategies, and new chapters on the one-member liability company, estate planning, home businesses, and more. You’ll also find:

• Expert guidance on applying LLCs to operating a business, estate planning, protecting assets, real estate acquisitions, professional practices, avoiding ancillary probate, and venture capital operations
• Plans and strategies for converting partnerships into LLCs and combining LLCs and trust planning
• A detailed glossary, along with checklists and loads of sample legal forms that simplify the process

Starting a Limited Liability Company, Second Edition is ideal for small business owners and investors, especially real estate investors. It’s an indispensable resource that you can’t do without if you’re serious about forming your own LLC.

About the Author

MARTIN M. SHENKMAN, CPA, MBA, JP, is a well-known tax and real estate attorney, lecturer, and author. His other Wiley titles include How to Buy a House with No (or Little) Money Down, The Homeowners’ Legal Bible, and The Complete Book of Trusts.
SAMUEL WEINER is an attorney with the firm of Cole, Schotz, Meisel, Forman & Leonard PA.
IVAN TABACK is an attorney in the personal planning department of the law firm Proskauer Rose LLP.

Product Details

• Paperback: 288 pages
• Publisher: Wiley; 2 edition (February 28, 2003)
• Language: English
• ISBN-10: 0471226645
• ISBN-13: 978-0471226642
• Product Dimensions: 11 x 8.5 x 0.8 inches
• Shipping Weight: 1.9 pounds (View shipping rates and policies)
• Average Customer Review: 3.7 out of 5 stars  See all reviews (3 customer reviews)
• Amazon Best Sellers Rank: #844,237 in Books (See Top 100 in Books)

More About the Author

Martin M. Shenkman, Esq.
Martin M. Shenkman, P.C.
P.O. Box 1300
Tenafly, New Jersey 07670
201-845-8400
[e-mail]


BIOGRAPHY

Martin M. Shenkman, CPA, MBA, JD, is an attorney in Paramus, New Jersey and New York City. His practice concentrates on estate planning and administration, tax planning, and corporate law.

Mr. Shenkman was included in Worth Magazines top 100 attorneys in 2007, CPA Magazines Top 50 IRS practitioners in 2008, Top 40 Tax Accountants in 2009, and was the recipient of the New Jersey Bar Association's Alfred C. Clapp Award in 2008.

He is a source for numerous financial publications including Forbes, The Wall Street Journal, Fortune, Money, and The New York Times. He has appeared on numerous television shows including The Today Show, CNN, NBC Evening News, CNBC, MSNBC, and CNN-FN .

He has published 36 books and 700+ articles. His recent books include Estate Planning for People with Chronic Illness and Disabilities (Demos); Estate and Related Planning During Economic Turmoil (AICPA) and Life Cycle Planning for the CPA Practice (AICPA), The Complete Book of Trusts (Wiley), and others.

Mr. Shenkman was named by Worth Magazine as one of the Top 100 attorneys in 2007, by CPA Magazine as one of the top 40 accountants in 2008 and 2009.

He earned a BS in economics - Wharton, MBA - University of Michigan, law degree - Fordham University, and is admitted to the bar in New York, New Jersey, and Washington, D.C. He is a CPA in New Jersey, Michigan, and New York.

Customer Reviews

Most Helpful Customer Reviews

48 of 48 people found the following review helpful:

5.0 out of 5 stars A thorough treatment of LLCs, July 19, 2000

By A Customer

This review is from: Starting a Limited Liability Company (Paperback)

I found this book to be very helpful, especially in the area of writing an Operating Agreement. The authors compare LLCs with other types of business structures and give the advantages/disadvantages of each. They have also added notes and tips throughout the book that will help you resolve issues in setting up your company. I used the tips to compile a checklist for setting up my business. Finally, there are plenty of sample documents that you can adapt for your own use. Although I have gotten an attorney to help with the fine details related to my state, I would highly recommend this book to help you understand and plan an LLC.

28 of 29 people found the following review helpful:

1.0 out of 5 stars Second Edition 2003 TERRIBLY OUT OF DATE, November 20, 2003

By 

Clay Toombs "Method and Madness" (Los Angeles, CA USA) - See all my reviews
(REAL NAME)   

This review is from: Starting a Limited Liability Company, 2nd Edition (Paperback)

This Second Edition, published in 2003 has not been properly updated from the First Edition. The information is INCORRECT. DO NOT rely on the information in this book!!!

I contacted the publisher today, and expect a call back in the next two days, but until this book comes out in a revised printing, please be aware that despite its 2003 publication, it is very very out of date

For example, Appendix B states that only 48 states and the District of Columbia have passed LLC acts, and shows that Massachusetts was the last state to pass an LLC act, in 1995. In actuality, ALL 50 States and the DoC have passed LLC acts, the last State passed its act in early 1997!! That makes this book out of date by OVER 6 YEARS.

In Appendix A, a State by State comparison of LLC laws is similarly out of date, showing information that is 6 years old. For example, Appendix A states that Arizona requires 2 members to form an LLC. I formed an LLC in 1997, in Arizona, with only 1 member. The state laws governing LLCs have been ammended to more consistently conform to the Model LLC Act, and the information in Appendix A is now totally out of date.

I owned the First Edition of this book (which has been reviewed favorably here on Amazon), and when I ordered this Second Edition, I threw away the old edition, so I am unable to compare the main body of the two books to see what has actually been updated.

Erroneous Appendices aside, there are better books on forming LLCs available today. I reccomend the books by Anthony Mancuso published by NOLO. And for persons wanting a very detailed analysis of the taxation of LLCs, "Profits, Taxes, & LLCs" by Holmes F Crouch is a comprehensive, if challenging, read.

32 of 42 people found the following review helpful:

5.0 out of 5 stars A great help for a small company!, July 27, 1998

By A Customer

This review is from: Starting a Limited Liability Company (Paperback)

This book saved my company quite a bit of money. We were considering incorporation, but this book tuned us into a better alternative! It contains all the info needed to form a LLC on your own.