Chapter 2
LLCs: Handier Than Duct Tape!
IN THIS CHAPTER
Harnessing the power of LLCs
Understanding LLC limitations
Recognizing the different LLC types
Years ago, in the first edition of this book, this chapter was broken down into two parts: the advantages and disadvantages of LLCs. Since then, everything has changed. LLC has become a household name, and legal precedents have been set — you no longer have to be the “test dummy” (pun intended) should your LLC get dragged into court, unsure of how your case will be decided. Also, state governments and the Internal Revenue Service have long since loosened the restrictions that LLCs used to be burdened with, making it the most flexible of all business structures.
Long story short, whereas the “disadvantages” section used to take up a full five pages, it is now reduced to a measly few paragraphs. Now, there are only a few circumstances where an LLC is not the best option. In this chapter, I give you a rundown of all the major qualities of limited liability companies — the good and the bad.
Because everyone’s needs differ drastically, I’ll let you decide for yourself which facets are benefits and which are drawbacks for your situation. ...
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