Starting a Limited Liability Company [Paperback]

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

Book Description

Publication Date: April 1996

Everything you need to know about setting up, operating, and getting the most out of the hottest new legal form of business

If you are a small business owner, investor, or high-net-worth individual you've probably been hearing a lot lately about the limited liability company. The hot new organizational structure that businesspeople and investors nationwide are rushing to take advantage of, the LLC combines all the tax benefits associated with partnerships with the limited liability protection of a corporation. Now legal in 48 states, LLCs are considerably cheaper, simpler, and easier to maintain than alternative organizational forms, including Subchapter S corporations and limited family partnerships. LLCs can own subsidiary companies; have greater flexibility in allocating profits; and can have an unlimited number of investors. LLCs are even better than limited partnerships for protecting assets.

Now you can find out how a limited liability company can work for you and exactly what you need to do to set up and operate one in the first complete guide, Starting a Limited Liability Company. Leading tax and estate planning attorney and bestselling business author Martin M. Shenkman and his coauthors:
* Explain how to apply LLCs to operating a business, estate planning, protecting assets, real estate acquisitions, professional practices, avoiding ancillary probate, and venture capital operations
* Describe how to convert partnerships and various corporate forms into LLCs
* Include a detailed glossary, along with checklists and loads of sample legal forms you can use


The first complete guide of its kind, Starting a Limited Liability Company is an indispensable resource for small business owners, real estate investors, and accountants.

Editorial Reviews

From the Back Cover

Everything you need to know about setting up, operating, and getting the most out of the hottest new legal form of business

If you are a small business owner, investor, or high-net-worth individual you've probably been hearing a lot lately about the limited liability company. The hot new organizational structure that businesspeople and investors nationwide are rushing to take advantage of, the LLC combines all the tax benefits associated with partnerships with the limited liability protection of a corporation. Now legal in 48 states, LLCs are considerably cheaper, simpler, and easier to maintain than alternative organizational forms, including Subchapter S corporations and limited family partnerships. LLCs can own subsidiary companies; have greater flexibility in allocating profits; and can have an unlimited number of investors. LLCs are even better than limited partnerships for protecting assets.

Now you can find out how a limited liability company can work for you and exactly what you need to do to set up and operate one in the first complete guide, Starting a Limited Liability Company. Leading tax and estate planning attorney and bestselling business author Martin M. Shenkman and his coauthors:

• Explain how to apply LLCs to operating a business, estate planning, protecting assets, real estate acquisitions, professional practices, avoiding ancillary probate, and venture capital operations
• Describe how to convert partnerships and various corporate forms into LLCs
• Include a detailed glossary, along with checklists and loads of sample legal forms you can use

The first complete guide of its kind, Starting a Limited Liability Company is an indispensable resource for small business owners, real estate investors, and accountants.

About the Author

MARTIN M. SHENKMAN is a leading tax and estate planning attorney and author of the critically acclaimed classic, Real Estate after Tax Reform and more than a dozen other popular books, including How to Buy a Home with No (or Little) Money Down.

SAMUEL WEINER and IVAN TABACK are attorneys with the firm of Cole, Schotz, Meisel, Forman and Leonard. Both are frequent lecturers on business and tax planning topics.

Product Details

• Paperback: 248 pages
• Publisher: Wiley; 1 edition (April 1996)
• Language: English
• ISBN-10: 0471133655
• ISBN-13: 978-0471133650
• Product Dimensions: 10.7 x 8.3 x 0.7 inches
• Shipping Weight: 1.2 pounds
• Average Customer Review: 3.7 out of 5 stars  See all reviews (3 customer reviews)
• Amazon Best Sellers Rank: #2,367,928 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.