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
Lee Lyman, Carlton Fields, Georgia