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Limited Liability Companies: Common Traps to Avoid

Find out how to ensure your LLC meets the requirements necessary to avoid these common pitfalls.

Many persons responsible for the selection, formation, management, governance, and taxability of LLCs are not fully familiar with the most common LLC traps to avoid and how to plan to avoid them. This topic identifies common LLC traps to avoid, such as handling Charging Orders and formation traps. This material will also discuss LLC veil piercing mistakes, the problem with single member LLCs, certain partnership taxation issues, and specific LLC Operating Agreement provisions regarding members, managers, management deadlock, member disputes, sale and transferability of membership interests, securities compliance, voting, and the authority of members and managers.

Runtime: 102 minutes
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

LLC Tax Traps

  • Will an LLC Always Be Taxed as a Partnership?
  • Tax Traps for Investor Member vs. Operating Member
  • Disregarded Entity Classification
  • Self-Employment Taxation for Members
  • Entity Classification Election Form 8832

Charging Order Landmines

  • Judgement Creditor of a Member
  • Statutory Charging Orders
  • Assignable Interest in the LLC
  • LLC Operating Agreement Provisions

Selection of the Single-Member LLC

  • Single Member LLCs: The Albright Case, the Olmstead Case, and Other Related Cases

LLC Veil-Piercing Mistakes That Expose Personal Liability

  • Piercing the LLC Veil
  • Violation of Duty to Impose Member Personal Liability
  • Fraud or Misrepresentation to Impose Member Personal Liability
  • Consumer Protection Act Violation to Impose Member Personal Liability
  • Unfair and Deceptive Practices to Impose Member Personal Liability
  • Wrongful Withholding of Employment Wages to Impose Member Personal Liability
  • Alter Ego Theory to Impose Member Personal Liability

LLC Operating Agreement Provisions Respecting Members and Membership

  • Alternative Dispute Resolution Provisions - Management Deadlock
  • Specific Member and Manager Member Voting Provisions
  • Specific Manager Member Management Authority
  • Specific Provisions for Securities Compliance
  • Specific Provisions for Sale and Transfer Ability of a Member's Interest
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.7
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.75
     
  • NJ CLE 2.0
     
  • NV CLE 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.75
     
  • WV MCLE 2.0
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program format does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jeffrey M. Grieff

Jeffrey M. Grieff

Miller Nash Graham & Dunn LLP

  • Shareholder in Jeffrey M. Grieff, P.S., and Counsel to the law firm Miller Nash Graham & Dunn LLP in Seattle, Washington
  • Practice is focused on representing individuals, professionals, closely held companies, nonprofit entities in formation, governance, compliance and general business matters
  • Specifically, he advises clients on entity formation of corporations (“S” & “C” types) professional service corporations, limited liability companies, professional limited liability companies, general partnerships, limited liability partnerships, nonprofit corporations and nonprofit limited liability companies, the Application for Recognition of Exemption (Forms 1023 and 1024), and IRC Section 501(c) Exempt Organizations compliance
  • Also works closely with clients on operating and governance issues including state and federal compliance with rules, administrative codes, regulation and interpretation issues
  • Has extensive experience and expertise representing medical and legal professionals, and frequently counsels clients on specific issues that occur in professional organizations
  • Volunteers with the Washington State Bar Association’s Law Office Management Assistance Program (LOMAP), counseling lawyers on selecting and forming the proper entity for lawyers and law firms, as well as explaining the tax ramifications of the entity choice
  • Member of the Washington State Bar Association (Business Law Section and Real Property, Probate and Trust Section) and the American Bar Association (Business Law Section and Real Property, Trust and Estate Law Section); also a member of the Society of Trust and Estate Practitioners
  • Has been a presenter in numerous programs for lawyers and CPAs
  • J.D. degree, University of Puget Sound; B.A. degree in business, University of Washington
  • Detailed biographical information can be viewed at www.millernash.com
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Product ID: 399638
Published 2017, 2018
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