Living and Dying with an LLC
Tax Briefings 2015 (4:00 p.m. - 5:45 p.m.)
The limited liability company – the vaunted LLC – has become the dominant business entity of the 21st century, and the business vehicle of choice for both real estate and business operations. This program covered the full "life cycle" of operating a business through an LLC, including the following:
- choice of business entity (comparing in detail the pros and cons of LLCs versus S corporations)
- the choice of jurisdiction in which the LLC is formed
- the decision whether to operate the LLC as a partnership and the occasions when an LLC should elect to be taxed as a corporation by filing form 8832 to "check the box"
- the issuance of "profits interests," 83(b) elections, carried interests and other issues related to issuance of membership interests
- the daily operations of the LLC, and allocations of income, including "stuffing allocations"
- distributions of money and property to members
- the sale, liquidation and termination of the entity
- estate planning issues, including the transfer of LLC interests to successor generations of the family
This seminar was a practical "hands on" update on how to operate successfully this extremely popular but often complicated business vehicle.