Identify and Avoid Costly SMLLC Mistakes
Single member LLCs provide many legal and financial benefits, making them a great choice in a variety of business and asset protection scenarios. But like any entity, they must be structured with care, as minor mistakes in the planning phase can have disastrous consequences for clients down the road. This program provides seasoned guidance on avoiding five common perils that often arise during formation and business planning - register today!
- Explore pitfalls that expose SMLLCs and multi-entity structures to veil piercing.
- Identify and avoid common capitalization and operating agreement mistakes.
- Get tips for planning for death and incapacity of sole members.
- Overcome election and taxation issues when structuring SMLLCs.
- Learn when and why out-of-state formations make sense.
All times are shown in Eastern time.
- Getting Too Fancy With Formation State
1:00 - 1:30, James A. Borchers
- Fully Understanding the Tradeoffs: Convenience vs. Favorable Law
- Situations Where Out-Of-State Formation Makes Sense
- High Level State-by-State Considerations
- Common Mistakes That Expose the Company to Veil Piercing
1:30 - 2:30, Jon L. Farnsworth
- Blurring Lines Between Individuals and Entities
- Bank Account Best Practices
- Recordkeeping, Decision Making and Contracts
- Mistakes in Multi-Entity Structuring and Asset Holding
- Common Formation Mistakes
2:45 - 3:15, Jon L. Farnsworth
- Operating Agreement Do's and Don'ts
- Capitalization Best Practices
- Not Planning for Death or Incapacity of Sole Members
3:15 - 3:45, James A. Borchers
- What Happens When You Don't Have a Plan
- Creative Use of Trusts
- Transfer-on-Death Provisions
- Common Election and Tax Mistakes
3:45 - 4:15, James A. Borchers
- Understanding When and Why an Election Is Prudent
- Operating Agreement Tax Considerations
- Basic Tax Misconceptions
This program is designed for attorneys. Accountants and paralegals may also benefit.