By Anthony Mancuso
Written by means of America's major LLC specialist! should you run your personal company, you have most likely heard approximately restricted legal responsibility businesses. company proprietors who function LLCs will not be individually responsible for enterprise accounts. yet is an LLC best for you? Nolo's speedy LLC presents crucial details for enterprise vendors in each country. It explains, in simple English, the benefits and disadvantages of forming an LLC -- together with restricting your own legal responsibility. Nolo's fast LLC covers who should still -- and should not -- shape an LLC, find out how to function an LLC simply, determining among a member-run or a manager-run LLC, LLCs in comparison to enterprises, partnerships and sole proprietorships, tips on how to hold your tax prestige easy initially, easy methods to pick company tax therapy whilst (and if) you are ready and the continuing felony and tax forms that is required. functional, concise and straightforward to learn, the 4th version of Nolo's quickly LLC presents the most recent proof, figures and tax info you want to find out about this important company alternative.
Read or Download Nolo's Quick LLC: All You Need to Know About Limited Liability Companies, Fourth Edition PDF
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Extra info for Nolo's Quick LLC: All You Need to Know About Limited Liability Companies, Fourth Edition
For example, in a manager-managed LLC, the nonmanaging LLC members can sue a manager who knowingly entered a fraudulent transaction that hurt the LLC financially for breaching the duty of care. And in member-managed LLCs, a member who violates the duty of care might be personally liable in a lawsuit by the other members. Example 1: Fred is the sole manager of a real estate LLC. The LLC owns an apartment building, which Fred manages. Because of high tenant vacancies and extra repair costs, the LLC reports a loss for the year and is unable to distribute profits to its members at the end of the year.
Another is the Uniform Limited Liability Company Act, developed by the National Conference of Commissioners on Uniform State Laws. Both of these acts are still in development, and there is justified skepticism as to whether states will replace their current LLC laws with either model act. More likely, states will adopt portions of the model acts to supplement their current LLC statutes. In short, while LLC laws are fairly similar now and may become more so soon, important state-by-state differences are likely to remain.
Chapter 1 | An Overview of LLCs | 39 resource Practical information on starting and running a business. Nolo offers several helpful resources that explain the steps involved in opening any new business. com. Here you’ll find articles and FAQs full of free tips for starting your business. For more, read Nolo’s bestselling book the Legal Guide for Starting & Running a Small Business, by Fred S. Steingold. It offers a comprehensive, two-volume treatment for entrepreneurs on how to start and operate a business.
Nolo's Quick LLC: All You Need to Know About Limited Liability Companies, Fourth Edition by Anthony Mancuso