Get LLC answers and learn the basics of limited liability companies If you run your own business, you've probably heard about limited liability companies. Business owners who operate LLCs aren't personally liable for business debts, so their personal assets are never at risk. But is forming an LLC right for you? Nolo's Quick LLC provides essential information for business owners in every state. In plain English, it explains the advantages and drawbacks of forming an LLC - including limiting your personal liability. Find out about: who should - and shouldn't - form an LLC how to operate an LLC without hassle choosing between a member-run or a manager-run LLC LLCs compared to corporations, partnerships and sole proprietorships how to keep your tax status simple at the start how to elect corporate tax treatment when (and if) you're ready the ongoing legal and tax paperwork that's required Practical, concise and easy to read, the 6th edition of Nolo's Quick LLC provides the latest facts, figures and updated tax information you'll need to know about this structure for your small business.