A Practical Guide to LLCs

December 13, 2010

Event| Limited Liability Company & Partnership Advisory

In this seminar, a panel of experienced business attorneys will provide a practical introduction to limited liability companies (LLCs). The panel will compare LLCs to corporations (including S corporations), partnerships and limited partnerships, highlighting how the advantages and disadvantages of each form can shape one’s decision to utilize an LLC. The panel will walk attendees 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, typical as well as atypical capital structures, and buy-out and exit strategies. 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 the 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 contexts.

Director Matt Criscimagna will lead a panel on fiduciary duties that will examine:

  • Default fiduciary duties under the Delaware LLC Act
  • Modification of fiduciary duties
  • Modification of liability
  • Recent case law