The Limited Liability Company

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The Limited Liability Company

by James L. Leet, James Clarke, and Pamela Everett Nollkamper

LLC Forms and Answers

For guidance on efficiently forming and expertly advising LLCs, turn to James L. Leet, James Clarke, and Pamela Nollkamper’s The Limited Liability Company.

You will find the book and its free CD-ROM filled with practical advice, over 300 reproducible forms, tax consideration, state-by-state analysis, and more:

Forms

Pre-formation checklists; mandatory state articles of organization, with alternative provisions; state default rules; sample operating agreements, with opt-in features checklist and drafting outline; buy-sell agreements
Procedures and issues
Drafting stategies; entity conversion; forum shopping; ethical pitfalls; piercing the LLC veil; securities considerations
State-specific forms, directories, charts and citations
Mandated articles of organization; filing procedures; all statutory requirements; and more...
Whether used for business, tax, asset protection, or estate planning reasons, the versatility and simplicity of LLCs make them a popular choice.

Now you can efficiently form LLCs custom-tailored to a variety of purposes, and provide quick answers to a wide range of client LLC questions with The Limited Liability Company.

The Limited Liability Company provides complete materials for every state – all statutory requirements and forms:

Content permitted in articles of organization and operating agreements
Name reservation, filing and other formation procedures and fees
Complete statutory requirements, including default rules, capital contributions, profit-sharing, professional LLCs, and record-keeping
IRS Revenue and letter rulings
Names, addresses, phone numbers, and websites of governing state agencies
A complete set of forms and source material
Speeds Formation Tasks

Drafting checklists and digitized forms allow you to quickly create customized formation documents.

The free CD includes 23 completed articles of organization for a wide variety of purposes, including: a flexible approach, bullet-proof, modified bullet-proof, family LLC, office building, real estate, ranch/farm, professional LLC, liquor license, international, employment creation, treaty trader, and family company.

Numerous alternative article provisions are also provided: management, committees, transfers, members, voting, notice, operating, arbitration, merger, share exchange, consolidation, and more.

Also provided are model operating agreements and buy-sell agreements, both with alternate provisions and drafting outlines.

Detailed Tax Guidance

A comprehensive tax chapter addresses the most troublesome taxation issues you will encounter with LLCs, including the following:

Taxation of member contributions.
Tax allocations for contributed property.
Effect of debt on member’s basis.
Allocation of partnership tax items.
Application of at-risk rules.
Passive loss restrictions.
Distributions.
Partnership conversion.
Professional partnership conversion.
Corporation conversion.
Self-employment tax.
Discount valuation problems.
Prevent Operating Problems

Artful drafting can avoid many governance challenges, since many common LLC problems are both foreseeable and preventable. The Limited Liability Company provides drafting advice and alternate clauses to help avoid abuse by majority owners, operational deadlock, divorce of member, discharge of minority owners, unfair distribution of profits, withdrawal of members, mergers and acquisitions, and more.

Key Issues and Procedures

To help you traverse other difficult areas, The Limited Liability Company provides detailed discussions, step-by-step procedures, digitized forms, and citations to controlling authority. For example, the book walks you through these challenges:

Ethical pitfalls for the practitioner.
Determining whether an investment contract exists.
9 ways to convert an existing entity to an LLC, including tax considerations and issues for professional partnerships.
Factors to consider when forum shopping.
Block voting issues and procedures.
Acquisitions, mergers, reorganizations, and dissolutions.
Checklist of recommended operating records and documentation.
Contributions of capital, allocation of losses, and distribution of profits.
The challenges of single-member LLCs.
Piercing the LLC veil.
Creditors’ rights, bankruptcy.
Capitalization and dissolution litigation.

Updated annually. ISBN 0-938065-64-5 Book price: $99.00

Reviews

"To remain current with respect to LLC developments in general ... the business lawyer needs to have access to the real ‘gestalt’ of the LLC that can be found only in The Limited Liability Company."
—R. Yamin, CT

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