Lorman offers professional resources regarding COVID-19 and the 2020 Election

Available in:

OnDemand Course

Common Oversights With Single Member LLCs

Gain an understanding of the most frequent oversights that solo entrepreneurs may come across.

Many solo entrepreneurs, and the lawyers hired to support them, often do not understand exactly what options are available to them. They often don't know how to decide which option is best. Perhaps most frustratingly of all, they don't know how to obtain--or, in the case of lawyers supporting solo entrepreneurs, provide--affordable, reliable legal services that meet their need for preventive legal services in the business formation context. For these reasons, many entrepreneurs turn to Do-It-Yourself (DIY) legal 'solutions,' which are not really solutions, at all. They get a template, maybe some document or form registration service, perhaps Registered Agent service, and carry on with their business, never realizing that the 'solution' they have adopted likely leaves them exposed to legal risk that could have been avoided, if they had hired a lawyer to provide necessary business formation legal services. This topic helps the lawyers assisting solo entrepreneurs considering the question of whether or not to form a single-member LLC to understand how first to determine whether a single-member LLC is the right fit for the client's needs and then how to understand the process required for addressing the client's business formation legal needs and support the fledgling enterprise in a preventive law context. The material also explains and dispels common misconceptions about the benefits of LLCs versus S-Corporations. Failing to adequately consider, reflect upon, and intentionally choose the correct business organizational structure is one of the most common errors solo entrepreneurs make, when starting a business. It often leads to easily avoidable and potentially costly legal liability and risk exposure. This information is critical for lawyers providing business formation legal services, so they can ensure their recommendations are as beneficial as possible for their clients, and provide the right balance between the client's level of risk aversion and budget.

Runtime: 94 minutes
Purchase Options

More Program Information

Why Lorman?

Over 34 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

Common (Poor) Reasons for Choosing to Form Single-Member LLCs

  • Just to Get Legal Liability Limitation
  • Just for Perceived Tax Benefits
  • To Establish "Legitimacy," as a Business, per Se

Preventive Law for Entrepreneurs Considering Single-Member LLCs

  • Limiting Liability
  • Addressing Tax-Related Issues
  • Building a Respected Brand

Counseling Members of Existing Single-Member LLCs

  • Should I Keep My Single-Member LLC?
  • My Accountant (or Other Professional) Advised Me to Convert My LLC to an S-Corp. Should I?
  • How Can I Get the Reliable Professional Support My Business Needs?
Purchase Options

More Program Information

Why Lorman?

Over 34 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 Course

This course was last revised on June 25, 2018.

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

No Credit Available

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

Purchase Options

More Program Information

Why Lorman?

Over 34 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

Noel R. Bagwell, III, Esq.

Noel R. Bagwell, III, Esq.

ExecutiveLP®

  • Operates ExecutiveLP®, a virtual law firm based in Nashville, Tennessee
  • Has won numerous awards, including the Tennessee Supreme Court’s Attorney for Justice award for his pro bono work with veteran entrepreneurs, as well as the Clarksville, TN Mayor’s Certificate (2019) for his contributions to the business community in that city, which, in 2019, Money magazine named the Best Place to Live in America
  • Exclusively works with business clients to transform their legal support from a cost center to a profit engine, through ExecutiveLP’s legal operations install service, Profit from Legal™, and ExecutiveLP’s Legal Lifeline and Signet™, outside general counsel services
  • Author of How to Structure Your Business for Success, a book of legal guidance for startups interested in putting their new venture on a firm legal foundation; Profit from Legal, an upcoming book structuring legal operations around the use of legal key performance indicators to create the conditions necessary for legal support to generate positive ROI for businesses; and numerous print and electronic articles for the Nashville Bar Journal and various blogs
  • The host of the Profit from Legal Podcast
  • J.D. degree, Cumberland School of Law at Samford University; Scholar of Merit: Economic Analysis of Law; B.A. degree in Philosophy, minor in international studies, Austin Peay State University
  • Can be contacted at 615-716-0606 (option 5) and [email protected], on LinkedIn: https://www.linkedin.com/company/2779139/; LinkedIn Group: https://www.linkedin.com/groups/13936380/; on Twitter: @ExecutiveLP; https://www.twitter.com/ExecutiveLP; Facebook: https://www.facebook.com/ExecutiveLP; or Facebook Group: https://www.facebook.com/groups/profitfromlegal
Purchase Options

More Program Information

Why Lorman?

Over 34 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: 403650
Published 2018
Purchase Options

Available in Multiple Formats

Purchase this course and learn on your schedule!