This year's edition addresses the issues you'll encounter when responding to client questions or planning transactions, such as maximizing basis for loss pass-through purposes, representing bankrupt or insolvent LLCs, handling IRS matters, selling a member's interest, and merging or liquidating an LLC. Clients expect you to be up-to-date too, so this year's edition incorporates the following, among many other changes:

• Clients expect their practitioner to be up-to-date. This year’s edition addresses the planning opportunities and pitfalls presented by recent tax law changes, as well as planning strategies that will help your clients, such as using targeted allocations to allocate LLC income and loss, setting up series LLCs for asset protection purposes, establishing family LLCs for estate planning, and drafting buy-sell agreements to protect the current members and provide liquidity to buy out their ownership interest.
• An increasing number of LLCs have separate series with their own business purposes, classes of ownership interest, and liability limitations. While the IRS issued regulations on series LLCs, the Guide discusses areas of uncertainty regarding the federal and state tax treatment of series LLCs that still remain.
• LLCs are increasingly used to operate family businesses. The Guide addresses the formation, operation, and dissolution issues that practitioners need to consider when advising family LLC clients.
• One way members can proactively address today’s uncertainty is by entering into a buy/sell agreement. The Guide includes extensive new coverage of LLC buy/sell agreements, including a new case study with sample operating agreement buy/sell provisions.
• Fringe, health, and retirement benefits are also addressed, with coverage of health savings accounts, simple cafeteria plans, the credit for employer’s health insurance costs, and other relevant health care provisions, stressing any partnership/LLC-specific rules.
• In recognition of current economic conditions, this edition has revised discussion of basis, passive activity and at-risk limitations, bankruptcy and debt discharge, asset protection planning, selling a member’s interest, and merging or liquidating an LLC.

As before, the Guide provides two volumes of state LLC law and reproductions of selected state forms. The common format makes it easy to find information, answer client questions, and compare state provisions. The Guide also offers an exclusive set of Form 1065 and Schedule K-1 roadmaps that provide a quick and efficient way of identifying tax planning opportunities for existing or potential clients by reviewing their tax return.

This year marks the 17th edition of PPC’s Guide to Limited Liability Companies. Don’t trust your LLC practice to anyone else!