Find out how to ensure your LLC meets the requirements necessary to avoid common pitfalls.
Many persons responsible for the selection, formation, management, governance, and taxability of LLCs are not fully familiar with the most common LLC traps to avoid and how to plan to avoid them. This topic identifies common LLC traps to avoid, such as handling charging orders and formation traps. This material will also discuss LLC veil piercing mistakes, the problem with single member LLCs, certain partnership taxation issues, and specific LLC operating agreement provisions regarding members, managers, management deadlock, member disputes, sale and transferability of membership interests, securities compliance, voting, and the authority of members and managers.
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Agenda
LLC Tax Traps
- Will an LLC Always Be Taxed as a Partnership?
- Tax Traps for Investor Member vs. Operating Member
- Disregarded Entity Classification
- Self-Employment Taxation for Members
- Entity Classification Election Form 8832
Charging Order Landmines
- Judgement Creditor of a Member
- Statutory Charging Orders
- Assignable Interest in the LLC
- LLC Operating Agreement Provisions
Selection of the Single-Member LLC
- Single Member LLCs: The Albright Case, the Olmstead Case, and Other Related Cases
LLC Veil-Piercing Mistakes That Expose Personal Liability
- Piercing the LLC Veil
- Violation of Duty to Impose Member Personal Liability
- Fraud or Misrepresentation to Impose Member Personal Liability
- Consumer Protection Act Violation to Impose Member Personal Liability
- Unfair and Deceptive Practices to Impose Member Personal Liability
- Wrongful Withholding of Employment Wages to Impose Member Personal Liability
- Alter Ego Theory to Impose Member Personal Liability
LLC Operating Agreement Provisions Respecting Members and Membership
- Alternative Dispute Resolution Provisions - Management Deadlock
- Specific Member and Manager Member Voting Provisions
- Specific Manager Member Management Authority
- Specific Provisions for Securities Compliance
- Specific Provisions for Sale and Transfer Ability of a Member's Interest
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on March 9, 2023.
Call 1-866-352-9540 for further credit information.
- AIPB 1.5
- This program is acceptable for 1.5 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- CT CLE 1.5
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
- GA CLE 1.5
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
- HI CLE 1.5
- This program was approved by the Hawaii State Board of Continuing Legal Education for 1.5 CLE credit hours.
- MO CLE 2.0
- This course qualifies for self-study CLE credit in Missouri.
- NH MCLE 1.6
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 98 Minutes.
- RI CLE 1.5
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 1.5 hours of CLE credit.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Gretta C. Spendlove
Dentons Durham Jones Pinegar P.C.
- Shareholder with Dentons Durham Jones Pinegar P.C.
- Practice emphasizes commercial real estate, corporate law, business transactions, and trademarks
- Conducts regular seminars and workshops in fields of real estate contracts, land use and title law, easements and boundary disputes, commercial financing and leasing, and use of LLCs for real estate development
- Member, CCIM, NAIOP, CREW, ULI, ACG
- J.D. degree, University of Arizona
- Can be contacted at 801-415-3000 or [email protected]
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Why Lorman?
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