Nolo's Quick LLC - Softcover

Mancuso, Anthony

Softcover

ISBN 10: 1413325890 ISBN 13: 9781413325898

Publisher: Nolo, 2019

Synopsis

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.

About this title

Book Description

If you run your own business, you’ve probably heard about limited liability companies. Cheap to set up and easier than a corporation to maintain, LLCs are more popular than ever. Business owners who operate LLCs aren’t personally liable for business debts, so their personal assets aren't at risk―not usually, anyway. Before you form an LLC, you should understand the exceptions to this rule to make sure an LLC is right for you.
Nolo's Quick LLC provides essential information on LLC laws and trends for business owners in every state. In concise, plain English, America's LLC expert explains the advantages and drawbacks of forming an LLC – including limiting your personal liability.

From the Author

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.

Edition details

• Publisher: Nolo
• Publication date: 2019
• Language: English
• ISBN 10: 1413325890
• ISBN 13: 9781413325898
• Binding: Paperback
• Number of pages: 212