by Holmes F. Crouch
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| List Price: | $24.95 |
| Average Rating: |  |
| Lowest New Price: | $87.09 |
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Book Description
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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Average Customer Review:
0 of 1 people found the following review helpful:
 hooray for "search inside this book!", 2008-04-03
i just used the "search inside this book!" feature to read the first couple of paragraphs of this book; that's all i've read, but that's all i had to read to feel qualified to write a review. here, try it yourself. it amounts to a simple test: if your eyes haven't glazed over by the time you reach the middle of the second paragraph, this book may be for you.
"In our Introduction, we tipped you off that an LLC (Limited Liability Company) had some of the operating characteristics of a proprietorship, a partnership, and a corporation. We refer to these three entity types as the "traditional forms" for making money and distributing the net earnings. As such, an LLC can be thought of as a fourth entity form for conducting business.
"An LLC can conduct any kind of business which is not illegal, and which is not precluded by other legislative acts. The term "other legislative acts" pertains to those special laws (state and federal) that are directed at banking, insurance, financial services, public utilities, churches, charities, exempt organization [sic] (pension plans, hospitals, labor unions), private foundations, consumer cooperatives, and the like. In other words, where a special law exists for the creation of an entity other than the three traditional forms, the activity of a prescribed entity is off limits for LLC purposes. Still, this leaves much to the entrepreneurial imagination of the founders, owners, and managers of an LLC."
yes, you read that right: "...where a special law exists for the creation of an entity other than the three traditional forms, the activity of a prescribed entity is off limits for LLC purposes."
i understand perfectly. put into layman's terms, it means, "DO NOT BUY THIS BOOK UNDER PENALTY OF DEATH BY BEWILDERMENT."
i, for one, hear and obey.
1 of 1 people found the following review helpful:
LLCs, 2007-05-06
This book had a few good pointers, but concentrates on California law, which differs from other states in some regards. I was not impressed with the quality of the writing. I would not buy it again.
3 of 3 people found the following review helpful:
Not so good, 2007-03-15
Very dry, not particularly insightful, lots of text copied wholesale from the tax code. A better text is
Tax Savvy for Small Business: Year-round Tax Strategies to Save You Money
by Frederick W. Daily
4 of 4 people found the following review helpful:
A good book with no index, 2006-07-04
I found the material important and well explained but the diagrams are completely irrelevant and useless. Its focus on California was especially useful for selfish reasons. I also recommend Nolo's "Form Your Own Limited Liability Company" as a general guide that is very well written. Crouch's book is useful if you are in California, however.
Lack of index in any book diminishes its usefulness, especially the ones that deal with how-to material. This one is no exception.
8 of 8 people found the following review helpful:
Profits, Taxes, & LLCs, 2006-02-26
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.
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