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    LLC: LLC Quick start guide - A beginner's guide to Limited liability companies, and starting a business
    LLC: LLC Quick start guide - A beginner's guide to Limited liability companies, and starting a business
    LLC: LLC Quick start guide - A beginner's guide to Limited liability companies, and starting a business
    Ebook42 pages41 minutes

    LLC: LLC Quick start guide - A beginner's guide to Limited liability companies, and starting a business

    By John Knight and TBD

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    About this ebook

    LLC

    Using an LLC as your business structure is an important part of protecting yourself and your assets from potential lawsuits. The liability protection that an LLC offers is a big attraction to business owners and people starting new businesses every day.

    This book will explain to you all of th

    LanguageEnglish
    PublisherIngram Publishing
    Release dateMar 15, 2020
    ISBN9781761032042
    LLC: LLC Quick start guide - A beginner's guide to Limited liability companies, and starting a business
    Author

    John Knight

    John Knight was a successful businessman, who also happened to be one of London's most successful robbers. He is credited as co-author of Gotcha!: The Untold Story of Britain's Biggest Cash Robbery.

    Read more from John Knight

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      Book preview

      LLC - John Knight

      Introduction

      Thank you for taking the time to pick up this book about setting up an LLC. 

      This book covers the topic of LLCs (Limited liability companies) and will explain to you all about how they work and how to set one up!

      Using an LLC as your business structure is an important part of protecting yourself and your assets from potential lawsuits.  This liability protection that an LLC offers is a big attraction to business owners and people starting new businesses every day. 

      Having protection from lawsuits is one of the smartest things you can do for yourself and your business.  In this book I’m going to take you step by step through the process of starting your LLC and I’ll show you in detail the documents that you will need to make your LLC legal. 

      We will cover the Operations Agreement which is the document used as the foundation of your business.  It contains the rules and regulations of your business in addition to outlining what the responsibilities and rights of the individual members are.

      You will also learn how an LLC is taxed and what it means to have pass-through profits and losses.  You will see many ways in which an LLC is a flexible entity. At the completion of this book you will have a good understanding of the LLC system, why you might want to establish one, and how to go about doing so.

      Once again, thanks for taking the time to read this book, I hope you find it to be helpful!

      Chapter 1:  Definition of an LLC

      The letters LLC are the abbreviation for Limited Liability Company. Essentially this type of legal business arrangement separates the assets and liability of the owner of the company from that of the company itself.   If a person owns an LLC that has debts, then the creditors can only go after the assets of the LLC and not the actual business owners themselves. 

      The people who own an LLC are referred to as members.  These members are ruled by an operating agreement that they create when they first form the LLC.  An LLC is formed legally by filing a documents called ‘the articles of organization’ with a state official, normally the Secretary of State.  Every state has individual laws regarding what constitutes an LLC.  However, in all states, all LLCs must be created by corporations or individuals legally capable of forming a business.  There are businesses that are not allowed to be considered an LLC which include things like insurance companies and banks due to the nature of those businesses.  Whenever you find yourself in the process of forming a new business, you are going to want to look into the local rules regarding LLCs just to ensure that you dot the I’s and cross the T’s.

      An LLC is governed by

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