A Practical Guide to LLCs
Friday, Nov 22 2013 9-1 pm
Friday, Nov 22 2013 9-1 pm

In this seminar an experienced panel will provide a practical introduction to LLCs. The panel will compare the LLC to corporations (including S corporations) as well as partnerships and limited partnerships, citing the advantages and disadvantages of each such entity and how such advantages and disadvantages can shape one's choice-of-entity decision to utilize an LLC. The panel will walk through the mechanics of forming an LLC including the drafting of the basic operating agreement. Working from actual operating agreements, the panel will review managerial, voting, governance and control structures(including consents and tie-breaker arrangements), typical as well as unique capital structures (including preferred interests, profits interests and class interests) and buy-outs and exit strategies (including drag-alongs and tag-alongs and buy-outs upon death). The panel will discuss the use of equity-based incentive compensation arrangements in the context of an LLC and compare them to traditional corporate stock option plans. Throughout its presentation the panel will highlight tax issues and benefits that arise from the utilization of an LLC, discuss new developments in the area of LLC law and provide real-world examples of the use of LLCs in specific businesses and contexts. This program's updated content will provide CLE credit to all attendees, even if they attended in the past.

New York and California Credit: 4.5 total: 2.0 skills; 1.5 professional practice & 1.0 ethics This live program provides transitional/non-transitional credit to all attorneys. Illinois credit: 3.75 total: 3.0 general MCLE & 0.75 ethics (pending) Pennsylvania credit: 3.5 total: 3.0 general MCLE & 0.5 ethics. CPE Credit: NY: 4.5 total: 2.5 advisory; 1.0 tax & 1.0 ethics.

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