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Top Ten Drafting Issues in Limited Partnerships and Limited Liability Companies for Land Owners and Developers

Learn tips that will be appropriate for any kind of Limited Liability Company or limited partnership business that you or your clients may find themselves in.

Most business people start new multi-owner real estate businesses from LLCs to conduct them. The operating agreements of these LLCs are often complex and demand substantial skill on the part of lawyers drafting them. Unfortunately, many of these operating agreements fail to adequately address fiduciary issues, dispute resolution issues and other critically important business organization law issues, and most of them fail to address major new federal partnership issues under section 199A and the BBA partnership audit rules. This topic will teach you how to address these issues.

Runtime: 108 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

Overview

  • Should Your Clients Use a Limited Partnership or an LLC to Conduct a Real Estate Business?
  • The Meaning of the Term "Real Estate Business" in This Topic
  • What Should Be the Federal Tax Regimen of LLCs Your Clients Use to Conduct Their Real Estate Business?

Key Business Organization Law Issues to Address in the Operating Agreements of Multi-Owner Real Estate LLCs

Key Partnership Tax Issues to Address in the Operating Agreements of Multi-Owner Real Estate LLCs

  • Allocations and Distributions in the Operating Agreements of Straight-up Partnerships
  • Regulatory and Contractual Special Allocations

Key Real Estate Law Issues to Address in the Operating Agreements of Multi-Owner Real Estate LLCs

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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

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Ohio, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on October 17, 2018.

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

  • AK CLE 1.75
     
  • Alaska attorneys may receive 1.75 hours of continuing legal education for completing this program. Please contact the Alaska Bar Association or go to www.alaskabar.org for details regarding reciprocity with other states.
     
  • AL CLE 1.8
     
  • This course or a portion thereof has been approved by the Alabama State Mandatory Continuing Legal Education Commission for a maximum of 1.8 hours credit.
     
  • Arizona CLE 1.75
     
  • The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.75 hours toward your annual CLE requirement for the State Bar of Arizona.
     
  • CA MCLE 1.75
     
  • Lorman Business Center, Inc. is a State Bar of California approved MCLE sponsor and this course qualifies for 1.75 CLE hours of participatory credit.
     
  • CO CLE 2.0
     
  • This program may qualify for 2.0 credit hours through the Colorado Supreme Court Board of Continuing Legal and Judicial Education through reciprocity. This course is accredited in other jurisdictions such as New Jersey. To receive CLE credit for this program, a home study affidavit must be submitted to the Supreme Court Board of Continuing Legal and Judicial Education.
     
  • CT CLE 1.5
     
  • Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
     
  • FL CLE 2.0 including Business Litigation 2; Real Estate 2
     
  • This course has been approved by The Florida Bar for 2.0 hours of CLE credit. This course has been approved by The Florida Bar Certification Plan in the areas of Business Litigation for 2.00 hours and Real Estate for 2.00 hours. Course classification: Intermediate level.
     
  • GA CLE 1.8
     
  • This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.8 CLE hours.
     
  • HI CLE 1.75
     
  • This program was approved by the Hawaii State Board of Continuing Legal Education for 1.75 CLE credit hours.
     
  • IA CLE 1.75
     
  • Top Ten Drafting Issues in Limited Partnerships and Limited Liability Companies for Land Owners and Developers is accredited under the regulations of the Iowa Supreme Court Commission on Continuing Legal Education. It is planned that this program will provide up to a maximum of 1.75 hour(s) of unmoderated credit towards the mandatory continuing legal education requirements under the Iowa rule. Please note: you can receive a maximum of 6 hours of unmoderated activities per calendar year.
     
  • IL CLE 1.75
     
  • This course was approved for a total of 1.75 hours of MCLE Credit by the Illinois MCLE Board.
     
  • ME CLE 1.5
     
  • This course has been approved by the State of Maine Board of Overseers of the Bar. Lawyers who complete this course shall receive 1.5 hours of CLE credit under M. Bar R. 12.
     
  • MN CLE 1.75
     
  • This program has been approved by the Minnesota Board of Continuing Legal Education for 1.75 hours of credit.
     
  • MO CLE 1.8
     
  • This course qualifies for self-study CLE credit in Missouri.
     
  • MT CLE 1.75
     
  • This program has been approved by the Montana Commission of Continuing Legal Education for a total of 1.75 CLE credits.
     
  • ND CLE 1.75
     
  • North Dakota CLE policy does not allow for pre-approval of any self-study courses. This course may qualify for up to 1.75 hours of CLE credit.
     
  • NH MCLE 1.8
     
  • NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 105 Minutes.
     
  • NJ CLE 2.1
     
  • This program has been approved by the Board on Continuing Legal Education of the Supreme Court of New Jersey for 2.1 hours of total CLE credit.
     
  • NM CLE 1.5
     
  • This program has been approved by the New Mexico Minimum Continuing Legal Education Board for 1.5 hours of credit.
     
  • NV CLE 1.5
     
  • This program has been approved by the Nevada Board of Continuing Legal Education for 1.5 CLE hours.
     
  • NY CLE 2.0 including Areas of Professional Practice 2
     
  • This course has been approved in accordance with the requirements of the New York Continuing Legal Education Board for up to a maximum of 2.0 credit hours in the area(s) of Areas of Professional Practice for 2.00 hours. Each hour may be counted only as satisfying one category of credit. Duplicate credit for the same hour of instruction is not permitted. This course qualifies for both established and newly admitted attorneys. Lorman Business Center, Inc. has a financial hardship guideline. Please contact customer service at 1.866.352.9539 for instructions on how to apply.
     
  • OK CLE 2.0 including Ethics 0
     
  • This course has been approved by the Mandatory Continuing Legal Education Commission of Oklahoma for a maximum of 2.0 hours credit, of which 0.00 hours are credits covering legal ethics.
     
  • OR CLE 1.5
     
  • Approved for 1.5 CLE credits in Oregon.
     
  • PA CLE 1.5
     
  • This Distance Learning program has been approved by the Pennsylvania Continuing Legal Education Board for 1.5 hours of substantive law, practice and procedure CLE credit.
     
  • RI CLE 2.0
     
  • This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
     
  • TN CLE 1.78
     
  • This program has been approved as a distance learning format by the Tennessee Commission on Continuing Legal Education for a maximum of 1.78 hours of credit.
     
  • TX MCLE 1.75
     
  • This program has been approved for Minimum Continuing Legal Education credit by the State Bar of Texas Committee on MCLE in the amount of 1.75 credit hours. Lorman Education Services is an accredited sponsor, approved by the State Bar of Texas, Committee on MCLE. This program has been approved by the Texas State Bar College for 1.75 hours of CLE credit.
     
  • UT CLE 1.5
     
  • This program has been approved by the Utah State Board of Continuing Legal Education for 1.5 CLE hours.
     
  • VA CLE 1.5
     
  • This program has been approved by the Virginia Mandatory Continuing Legal Education Board for 1.5 CLE credit hours.
     
  • VT CLE 1.75
     
  • This program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.75 hours of self-study CLE credit.
     
  • WA CLE 1.75
     
  • This program has been approved by the Washington State Board of Continuing Legal Education for 1.75 hours of A/V credit under the Law & Legal Procedure category.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • WV MCLE 2.1
     
  • This program has been approved by the West Virginia State Bar MCLE Commission for 2.1 MCLE hours.
     
  • NALA 1.78
     
  • This seminar meets the requirements of the Certifying Board for Legal Assistants of the National Association of Legal Assistants, for continuing legal assistant education credit required to maintain the CP (Certified Paralegal) credential for (s) hours.
     
The CLE Code is ONLY a requirement when applying for CLE Credit in New York. Other states do not need to supply the CLE Code to apply for CLE credit.

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

Virginia MCLE requirements do not allow approval for programs that do not include an audio or audiovisual component.

This program was previously offered as a live webinar. Virginia MCLE requirements do not allow approval for attendance at duplicate programs.

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

Audio & Reference Manual

  • AK CLE 1.75
     
  • Arizona CLE 1.75
     
  • CA MCLE 1.75
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.75
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.75
     
  • NJ CLE 2.1
     
  • NM CLE 1.5
     
  • NV CLE 1.5
     
  • NY CLE 2.0
     
  • OR CLE 1.5
     
  • UT CLE 1.5
     
  • VT CLE 1.75
     
  • WA CLE 1.5
     
  • WV MCLE 2.1
     
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 does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • AK CLE 1.75
     
  • Arizona CLE 1.75
     
  • CA MCLE 1.75
     
  • CT CLE 1.5
     
  • HI CLE 1.75
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MO CLE 1.8
     
  • MT CLE 1.75
     
  • NJ CLE 2.1
     
  • NM CLE 1.5
     
  • NV CLE 1.5
     
  • NY CLE 2.0
     
  • OR CLE 1.5
     
  • PA CLE 1.5
     
  • UT CLE 1.5
     
  • VT CLE 1.75
     
  • WA CLE 1.5
     
  • WV MCLE 2.1
     
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 does NOT qualify, nor meet the National Standard for NASBA accreditation.

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In Partnership With

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

John M. Cunningham

John M. Cunningham

Law Offices of John M. Cunningham, PLLC, Of Counsel, McLane Middleton, P.A.

  • Principal of the Law Offices of John M. Cunningham, PLLC, and he is of counsel to the New Hampshire-based law firm of McLane Middleton, P.A.
  • Former trial attorney with the Tax Division of the United States Department of Justice and a former member of the Foreign Trade and Tax Department of the international law firm of Baker McKenzie
  • Practice is focused on handling LLC matters, including LLC formations, and on assisting clients to maximize their pass-through deductions under new Internal Revenue Code section 199A
  • Frequently teaches seminar in his fields of practice for the American Law Institute, bars associations, law firms, accounting firms and business groups
  • Principal author of Drafting Limited Liability Company Operating Agreements, the leading U.S. LLC formbook and practice manual, published by Wolters Kluwer Law & Business; and he is the author of Maximizing Pass-through Deductions under Section 199A—Section 199A Practice Manual, also published by Wolters Kluwer Law & Business
  • J.D. degree, University of Pennsylvania Law School
  • Member of the American Bar Association and the New Hampshire and Massachusetts Bars
  • Can be contacted at [email protected] or (603) 856-7172
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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.

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Product ID: 404250
Published 2018
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