What is the best LLC option for me?

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What is the best LLC option for me?

I have a book that I plan on providing to internet websites for their users to

download for free. In these times of litigation madness, I want to create a

Publishing LLC that will effectively shield my personal assets I’m 77 years old, retired and live on my pension and Social Security. I see the pros and cons of different types of LLCs. Which would provide complete protection for me because this business is a non-profit for me? My book is an educational

document about the WWII German Type VII C U-Boat design and functionality with 516 pages and over 700 photos and drawings.

Asked on November 6, 2018 under Business Law, Georgia

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

From a liability protection point of view--protecting you and your assets--all LLCs are created equal: they provide the same level of protection. Simply having an LLC and publishing through it will protect you. The differences are in tax treatment. Likely the best LLC for tax purposes for you, as you describe yourself, is an LLC in which, when you create it, you select what will be called one or another of "parternship" treatment, "pass through" treatment, or "disregarded" treatment: this means there is no "double taxation, but any losses (for tax deduction purposes) or profits drop directly to your own "bottom line" and are taxed with any other income you have. (We know you said you would publish for free, but in case you get any contributions from readers or elect to charge a nominal sum, it is better to set it up for maximum tax benefit.) Note that a corporation (which  is a separate and distinct kind of entity from an LLC) would provide the same asset/liability protection as an LLC but entails more paperwork and formalities, so an LLC is the better option.
As an aside: as someone who was a  member of "All the World's Battlecruisers" and is a frequent reader of the "Navweaps" forums and a subscriber to USNI news, your proposed book sounds very interesting. Good luck.


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