Profits, Taxes, & LLCs 
asked by vcedwards on November 19, 2006 11:27 PM
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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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.
Lack of index in any book diminishes its usefulness, especially the ones that deal with how-to material. This one is no exception.
reviewed by formula on November 28, 2006 6:44 AM
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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.
reviewed by waltersmith on November 28, 2006 4:10 PM
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I liked the approach. It's not a recipe for starting an LLC (there are plenty of those out there). It is more like background reading about the philosophy driving how LLCs are taxed, and what that means for how the LLC income is distributed and reported. Lots on maintaining capital accounts. There was a fair amount I ignored -- California and real estate specific information -- but the rest was very helpful. Chapter 5 on tax forms and Chapter 7 on partnership rules were especially useful.
reviewed by imtheboss on November 28, 2006 11:17 PM
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This book was not what I expected after reading the other reviews. It only covers LLC's for California, which according to the author is similar to other State laws. The book spends most of it's time explaining how to fill out forms for starting a LLC and how to fill out tax return forms. I had trouble staying awake long enough to turn the page. I had a basic idea of what a LLC is before I starting reading the book. When I finished, I hadn't learned anything new of value.
reviewed by fazer on November 29, 2006 7:34 AM