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2022 Liquidation: Legal Issues When a Client Decides to Close a Business

Total Credits: 1.2 Self Study

Practice Area:
Business & Corporate
Audio and Video


Original program date 11/30/2022

Planning for an LLC’s eventual liquidation can be as important as formation. Well planned and efficient liquidations help LLC members preserve value. Messy liquidations are costly and rapidly diminish value. Whether triggered by a provision in a buy/sell agreement or on the basis of a statutory provision, liquidations are a process of marshaling assets, providing a variety of notices, satisfying debts and other liabilities, and eventually liquidating distributions to LLC members. When planned and managed effectively, the process can preserve substantial value for clients. This program will provide you with a practical guide to liquidations of LLCs.

•    Statutory bases for voluntary LLC dissolution and how they are triggered by members
•    Judicial/non-voluntary bases for LLC dissolution
•    Planning for eventual dissolution of an LLC in buy/sell agreements
•    Process of dissolution, winding up and termination – and practical consequences of each step
•    Drafting statements of dissolution
•    Summary of tax consequences of distributions of various type of property

Note: This material qualifies for self-study credit only. Pursuant to Regulation 15.04.5, a lawyer may receive up to six hours of self-study credit in a reporting year. Self-study programs do not qualify for ethics, elimination of bias or Kansas credit.


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