Show navigation

Available in:

OnDemand Webinar

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.

Learning Objectives

  • You will be able to identify when an LLC will be taxed as a partnership.
  • You will be able to differentiate between the various mistakes that expose personal liability.
  • You will be able to recognize LLC Veil-Piercing Mistakes
  • You will be able to differentiate between taxable and non-taxable wages for members.

Runtime: 98 minutes
Purchase Options

More Program Information

Why Lorman?

Over 32 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
Purchase Options

More Program Information

Why Lorman?

Over 32 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 course was last revised on January 11, 2019.

Call 1-866-352-9540 for further credit information.

  • CPE/NASBA - QAS Self Study 2.6 including Taxes 2.6
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.6 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Taxes for 2.6 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
Purchase Options

More Program Information

Why Lorman?

Over 32 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
Purchase Options

More Program Information

Why Lorman?

Over 32 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.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

Sign Up Today
With This Course

Access to all training products for one year
$699/year

Unlimited Lorman Training

With the All-Access Pass there is no guessing what you will need for your yearly training budget. $699 will cover all of your training needs for an entire year!

Easy Registrations

Once you purchase your All-Access Pass you will never be any further than one-click away from attending any Lorman training course.

Invest in Yourself

You haven't gotten to where you are professionally by luck alone; it's taken a lot of hard work and training. Invest in yourself with the All-Access Pass.

Product ID: 405533
Published 2019
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!