For most companies, doing business as a limited liability company or partnership offers significant benefits. Limited Liability Company & Partnership Answer Books easy-to-read Q&A format makes clear and accessible both the legal rules and important business decisions regarding LLCs and LLPs.

With more than 300 authoritative answers, you'll understand how to:

Custom design an LLC or LLP that provides liability protection to principals and agents -- and one-time taxation of revenue

Weigh the pros and cons of converting your business to an LLC or LLP

Capitalize on the operational, tactical, and strategic advantages of converting to an LLC or LLP

Ensure compliance with the IRS and avoid "double taxation" of revenues

Set up accurate and efficient tax and accounting systems

Use a family limited partnership or LLC in business succession planning

Plus, this practical handbook contains a state-by-state listing of statutory provisions regarding structure and organization; registration procedures and filing fees; a comparison chart of the LLC, LLP, regular and S corporation, limited partnership, and general partnership; and model operating agreements.

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