This seminar is designed for attorneys, accountants, financial planners, presidents and vice presidents, CFOs, controllers, business owners and managers, tax managers, CFPs, and enrolled agents.
Limited Liability Companies (LLCs) are fast becoming the entity of choice – for both businesses and non-business purposes. A hybrid between corporations and partnerships, with unique properties all its own, the LLC’s combination of tax treatment and limited liability are changing the way lawyers and accountants look at tax and business planning.
Recent IRS regulations have clarified the tax treatment of LLCs and removed much of the uncertainty which was a concern of lawyers and accountants. With limited liability aspects of a corporation and taxation aspects of a partnership, LLCs are replacing corporations, partnerships, and trusts as the entity of choice in many situations.
“New York Limited Liability Companies Made Easy” will examine the uses and advantages of LLCs both in the business setting and estate planning as an alternate to the use of wills, trusts, and the outright gifts of property. Creation of valuation discounts and transfers with retained interests will be investigated.
8:30 a.m. - 9:30 a.m.
I. Overview Of LLC Planning
A. Comparison To Other Entities
9:30 a.m. - 10:00 a.m.
II. Formation Issues
A. Formation Issues
B. Investment Company Rules
10:00 a.m. - 10:10 a.m.
10:10 a.m. - 10:45 a.m.
III. New York LLC Statute
A. A Review And Brief Commentary On An Annotated Version Of The New York LLC Statute Prepared For The Seminar
10:45 a.m. - 12:00 p.m.
IV. Estate Planning I
A. Use With Trusts
B. Use As A Family Holding Company
C. Control Issues
D. Use In Funding GRATs, IDITs, etc.
E. Buy Out Provisions
F. Will Provisions
12:00 p.m. - 1:00 p.m.
Lunch (On Your Own)
1:00 p.m. - 2:15 p.m.
V. Income Tax Planning For LLCs
A. Merger With Existing Entities
B. Conversion Of Existing Entities
C. Allocation Of Liabilities
D. Earned Income Issues; Social Security
E. Section 1031 Like-Kind Exchange Problems And LLCs
2:15 p.m. - 2:25 p.m.
2:25 p.m. - 3:15 p.m.
VI. Estate Planning II
A. Recent Developments
B. Present Interest Issues
C. Discount Issues
3:15 p.m. - 4:15 p.m.
VII. Drafting LLC Operating Agreements
A. Management And Control Provisions
B. Single Purpose Entities
C. Non-Consolidation Opinions
D. Tax Allocation Clauses
E. Special Provisions For Special Industries And Transactions
4:15 p.m. - 4:30 p.m.
VIII. Questions And Answers