"...you will learn a mantra and attitude that the rich have successfully used for hundreds of years – protect and grow."

This is a layman's handbook on establishing protection for business operations or asset holdings such as real estate property. Up front Sutton answers the question he is often asked: Why buy his book when you will be advised to consult a professional? The answer is that a professional will charge by the hour to teach what you can learn here for the modest price of the book. After considering possible courses of action, consult a professional for further guidance based on individual circumstances.

Major similarities between LLC and LP entities are protection of personal assets from malicious law suits and earnings that flow through without taxation to the owner's personal income. They also provide for partners with varying involvement. There will be paperwork, annual meetings, and fees no matter which entity is selected. The solution best suited to your needs depends on these and other factors: the state you live in, type of business, property or family assets to protect, expected taxes, and whether any partners will have equal or limited control.

The first three chapters explain the different options made available when you select either an LLC or LP. Comparison and contrast with other business entities, such as corporations, along with sample scenarios are the techniques used to present this information. Up-to-date information, in chapters including Entity Taxation and Estate Planning, justify the purchase of this book's fourth edition.

The author skillfully defines terminology your consultant might use including charging order, inside and outside attack, and safe harbor. Explanations given immediately upon use of the term improve understanding of the discussion at hand. With Sutton's challenge that "in complexity comes advantage" the book makes it quite clear why you should work with a professional and why successful business people protect their assets through an entity.

RECOMMENDED by the US Review

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