Nolo's Quick LLC: All You Need to Know About Limited Liability Companies (Quick & Legal)

by Anthony Mancuso Attorney

Overview

Limit your liability, simplify taxes with an LLC



If you run your own business as a sole proprietorship or partnership, you’ve probably heard of the advantages of limited liability companies—especially the way an LLC can protect personal assets from business debts.



LLC expert Anthony Mancuso clearly explains how to decide whether an LLC is right for you. Learn:

• the unique legal features of LLCs, including limited personal liability for owners
• who should—and who shouldn’t—form an LLC
• how to choose an LLC, corporation, partnership, or other business form
• how LLCs are taxed
• how to manage multiple-owner LLCs, and
• why an LLC can be the right choice even for a debt-troubled business.
  

What’s New? The Tax Cuts and Jobs Act provides LLCs with a 20% deduction on their pass-through business income.

Product Details

ISBN-13:	9781413325898
Publisher:	NOLO
Publication date:	02/22/2019
Edition description:	Tenth Edition
Pages:	224
Sales rank:	1,130,905
Product dimensions:	7.00(w) x 8.90(h) x 0.70(d)

About the Author

Anthony Mancuso is a corporations and limited liability company expert. A graduate of Hastings College of the Law in San Francisco, Tony is an active member of the California State Bar. Tony writes books and software in the fields of corporate and LLC law and has studied advanced business taxation at Golden Gate University in San Francisco. He also has been a consultant for Silicon Valley EDA (Electronic Design Automation) and other technology companies. He is currently employed at Google in Mountain View, California.
Tony is the author of many Nolo books on forming and operating corporations (profit and nonprofit) and LLCs. Among his current books are The Corporate Records Handbook; How to Form a Nonprofit Corporation; Incorporate Your Business; Form Your Own Limited Liability Company; and LLC or Corporation? His books and software have shown over 500,000 businesses and organizations how to form and operate a corporation or an LLC. Tony is a licensed helicopter pilot and guitarist.

Table of Contents

Introduction
1. An Overview of LLCs
2. The LLC vs. Other Business Structures
3. Members' Capital and Profits Interests
4. Taxation of LLC Profits
5. LLC Management
6. Starting and Running Your LLC: The Paperwork
7. Getting Legal and Tax Help for Your LLC
Appendixes
A State Information
B Sample Operating Agreement
C Checklist for Forming An LLC
Index

Interviews

With the latest tax changes that lower corporate tax rates, corporations have been in the news a lot lately, but the tried and true LLC may still the best way to go to limit your personal liability for business debts while adopting or keeping a non-corporate tax status: After you form your LLC, if you own your own business, you file (or continue to file) Schedule C with your IRS Form 1040 for your LLC: if you co-own your business, you file (or continue to file) a 1065 partnership return. In effect, with an LLC, you get limited liability without having to care for and feed a corporate tax entity (and corporate tax accountant). Plus, some LLC owners qualify for a 20% tax deduction under the new tax law. For more information, see Nolo's article on the new pass-through business tax deduction.

Editorial Reviews

" Mancuso provides advice on how and why to form an LLC and gives guidance on dealing with members capital and profits interest, taxation or profits management, paperwork, and soliciting legal and tax help." Reference & Research Book News

" When it comes to self-help legal stuff, nobody does a better job than Nolo…" USA TODAY
An LLC can protect personal assets from business debts. Now in a fully updated and revised tenth edition, "Nolo's Quick LLC: All You Need to Know About Limited Liability Companies" by attorney Anthony Mancuso clearly explains how to decide whether an LLC is right for you.

"Nolo's Quick LLC" covers: The unique legal features of LLCs, including limited personal liability for owners; Who should and who shouldn't form an LLC; Hhow to choose an LLC, corporation, partnership, or other business form; How LLCs are taxed; How to manage multiple-owner LLCs; Why an LLC can be the right choice even for a debt-troubled business. It should be noted that The Tax Cuts and Jobs Act provides LLCs with a 20% deduction on their pass-through business income. Dunford's Bookshelf. The Midwest Book Review

From the Publisher