Title: How to Use Limited Liability Companies & Limited Partnerships
Author: Garrett Sutton
Publisher: Success DNA, Inc.
ISBN: 9780971354906
Pages: 280
Genre: Business / Finance
Reviewed by: John Murray
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Pacific Book Review
At a certain stage of starting and owning a business, you might be considering transitioning into a specific type of entity. Most people start out as a Sole Proprietor, but that opens you up to a world of hurt. Enter Garrett Sutton and How to Use Limited Liability Companies & Limited Partnerships. As Sutton says, “You are about to learn powerful legal strategies used by the rich for generations to protect their assets and operate their businesses.”
Now, this isn’t a one-size-fits-all or a quick solution. Sutton even recommends right away and throughout the book that it is more important to consult a high-priced professional. There are so many ways to misstep and a simple error could end up costing you greatly. Use this book as an educated overview of LLCs and LPs. Educate yourself with this book and you’ll save yourself time and money. Mainly because you’ll be able to hit the ground running when you do meet with a professional and will be able to hold an informed discussion.
That being said, this book is a veritable treasure trove of information. While the focus is LLCs and LPS, Sutton takes the time to delve into the other options. This is very helpful in understanding if and when transitioning to an LLC or LP is a viable option. Once that is ascertained, Sutton then explains all the ins and outs of the process. From starting one up, to maintaining one, to what to do when a business partner leaves or the company goes under. Along the way, case examples help flesh out the information and ground it in real world situations. While Sutton writes with an easy-going informative tone, it’s incredibly helpful to see the concepts in action. Sutton’s main goal throughout the book seems to be helping you understand the risks and how to protect yourself in the best manner possible.
Sutton’s long line of business and finance books are a fantastic resource for anyone starting, running, or curious about business, financing options and even customer relations. He writes well and helps keep the material from devolving into textbook-like info dumps. Even those inexperienced in finance and business will benefit from his expertise. This “How to” is one of those reference books that if you’re in the situation he covers, you’ll be thankful to have it in hand. It’s also recommended to check out his other books including as he tackles similar topics just as expertly.
A final note: As stated above, this book is to help you understand the concepts of risk management and various legal statuses. Although Sutton highly recommends to seek out a professional to make sure you don’t make a costly mistake, reading How to Use Limited Liability Companies & Limited Partnerships is a great pre-requisite to obtaining legal contracts and can be worth its weight in gold saving you from inadvertent pitfalls in the business world.
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