Limited Liability Company, 3rd Edition: Small Business Start-up Kit »

This revised and updated 3rd Edition includes everything necessary to set up a limited liability company in any state or Washington DC. The enclosed CD includes all of the required forms in both PDF and text formats as well as Adobe Acrobat Reader software. This new edition also includes all available state-required forms in fillable PDF format. Also included in a review of state LLC laws for all 50 states and Washington DC.

List of Forms-on-CD     9
Introduction     13
How to Use This Book     13
Installation Instructions for Installing Forms-on-CD     13
Instructions for Using the Forms-on-CD     14
Deciding to Start Business as a Limited Liability Company     17
Sole Proprietorship     17
Partnership     19
Corporation     21
C-Corporation     22
S-Corporation     24
Limited Liability Company     25
Business Start-up Checklist     27
Developing a Business Plan     29
Business Plan Worksheet     30
Preparing Your Business Plan     37
Preparing Your Executive Summary     38
Executive Summary     39
Compiling Your Business Plan     41
Developing a Marketing Plan     43
Business Marketing Worksheet     44
Developing a Financial Plan     48
Business Financial Worksheet     49
Preparing a Profit and Loss Statement     52
Estimated Profit and Loss Statement     54
Preparing a Balance Sheet     56
Current Balance Sheet     58
Operating a Limited Liability Company     59
Organization of a Limited Liability Company     60
Articles of Organization     61
Operating Agreement     62
Management     62
Management by Members Only     62
Management by Members and Nonmember Managers     63
Management by Nonmember Managers Only     63
Limited Liability Company Existence     63
Division of Profits and Losses     64
Voting Rights of Members     64
Membership and Management Meetings     65
Member and Manager Liability to Others     65
Additional Default Rules     65
Taxation of Limited Liability Companies     66
Limited Liability Company Paperwork     67
The Importance of Recordkeeping     68
Limited Liability Company Paperwork Checklist     71
Pre-Organization Activities     73
Pre-Organization Worksheet     79
Pre-Organization Checklist     84
Document Filing Checklist     85
Application for Reservation of Limited Liability Company Name     86
Articles of Organization     87
Articles of Organization Checklist     88
Sample Articles of Organization      97
Operating Agreement     100
Operating Agreement Checklist     101
Sample Operating Agreement     119
Members Meetings     127
First Members Meeting Checklist     128
Minutes of First Members Meeting     130
Annual Members Meeting Checklist     134
Other Possible Business Discussions     135
Minutes of Annual Members Meeting     136
Amendments to Articles of Organization or Operating Agreement     139
Amendment to Articles of Organization     140
Amendment to Operating Agreement     141
Termination of Limited Liability Company     142
Termination Worksheet     143
Termination of Limited Liability Company Agreement     145
Employee Documents     147
General Employment Contract     149
Independent Contractor Agreement     151
Contractor/Subcontractor Agreement     153
Business Financial Recordkeeping     155
Understanding Financial Records     156
The Balance Sheet     157
The Profit and Loss Statement     159
Accounting Methods     161
Accounting Systems     162
Accounting Periods      162
Financial Recordkeeping Checklist     164
Business Accounts     165
Income Accounts     167
Income Chart of Accounts     168
Expense Accounts     169
Expense Chart of Accounts     170
Asset and Liability Accounts     171
Balance Sheet Chart of Accounts     172
Chart of Accounts     173
Sample Chart of Accounts     174
Tracking Business Assets     175
Current Assets     175
Current Asset Account     176
Inventory     178
Physical Inventory Report     179
Periodic Inventory Report     181
Cost of Goods Sold Report     183
Fixed Assets     185
Fixed Asset Account     188
Tracking Business Debts     190
Accounts Payable Record     191
Long-Term Debt Record     193
Tracking Business Expenses     195
Weekly Expense Record     196
Monthly Expense Summary     198
Annual Expense Summary     200
Tracking Business Income     202
Tracking Cash     203
Weekly Cash Report     203
Monthly Cash Report Summary     205
Tracking Income     207
Weekly Income Record     207
Monthly Income Summary     209
Annual Income Summary     211
Tracking Credit Sales     213
Monthly Credit Sales Record     213
Credit Sales Aging Report     215
Invoices and Statements     217
Invoice     217
Statement and Past Due Statement     219
Credit Memo     222
Business Payroll     224
Setting up Your Payroll     224
Quarterly Payroll Time Sheet     226
Employee Payroll Record     228
Payroll Depository Record     230
Annual Payroll Summary     232
Payroll Checklist     234
Taxation of Limited Liability Company     235
Taxation As a Partnership     235
Taxation As a Corporation     235
Taxation As a Sole Proprietorship     236
Limited Liability Company Tax Forms Checklist     238
Limited Liability Company Tax Schedules Checklist     242
State Limited Liability Company Information     244
Glossary of Business, Legal, and Accounting Terms     279
Index      283