Continuing Legal Education

TELESEMINAR: Planning & Drafting LLC Operating Agreements, Part 2 – A National Perspective

June 19, 2013
12:00 – 1:00 p.m.
1.00 MCLE hours


For most LLCs, the single most important document they will ever need is their operating agreement. A carefully drafted operating agreement provides a stable framework for the LLC’s members to start, grow and operate a business, and in certain instances facilitate the withdrawal of members of the ownership group. The operating agreement defines the business relationships among the members, operationally and financially, and provides for the valuation and transfer of interests. A good operating agreement saves LLC members considerable time and money in the long-run. It’s also a very complex document involving the deepest complexities of tax and business law. This program will provide you with a real-world guide to drafting and reviewing the major provisions of LLC operating agreements, including major financial and tax provisions. Part 2 of 2.


  • Distributions of cash and other property, including distributions for tax purposes
  • Maximizing the benefits of tax allocations depending on owner profiles
  • Understanding the relationship between distributions and tax allocations of income/loss
  • Planning for voluntary exits of members/partners – timing, valuation, and funding
  • Preparing for involuntary exits – death and disability
  • Tax issues upon liquidation following dissolution – or reformation
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Program Speaker:
Lee Lyman
, Carlton Fields, Georgia


Lee Lyman is a shareholder in the Atlanta office of Carlton Fields, where she has more than 20 years’ experience in corporate and real estate transactions. She provides corporate and transactional advice, with an emphasis on advising clients engaged in ongoing business transactions, including joint ventures, mergers and acquisitions, and business restructurings. She has extensive experience in LLC and partnership law, organization, structure, and operations. She has extensive experience structuring equity and debt financing for the acquisition, development and sale of real estate and in general corporate transactions.  Ms. Lyman received her B.S. from Florida State University, her M.A. from the University of Pittsburg, her J.D. from Duke University School of Law.