Planning with Single Member LLCs, Part 2 - 2018

Single Member LLCs are among the most flexible vehicles in business and real estate transactions.  Creatures of state law, they are “nothing” for federal income tax purposes.  They can be used to minimize tax and liability with maximum organizational flexibility. They may be used in conjunction with S Corps and general partnerships in business and real estate transactions. They also have substantial uses as charities/non-profits and in trust and estate planning.  But there are also substantial limits and traps.  Among the traps is that their limited liability can be pierced more easily through equitable doctrines to personal liability. There are also many potential tax traps.  This program will provide you with a real-world guide to organizing and using Single Member LLCs in transactions.

• Changes in tax classification of Single Member LLCs 
• Single Member LLCs and general partnerships – which may own which? 
• Piercing the veil of a Single Member LLC
• Compensation issues and traps
• Use of charging orders against Single Member LLC distributions
• Use of SMLCCs in real estate transactions, including Like-Kind Exchanges

Speakers: Leon Andrew Immerman, Alston & Bird, LLP, Atlanta, GA and Lee Lyman, Carlton Fields, Atlanta, GA

NOTE: This program was originally produced as a telephone seminar and is available on demand in streaming audio. 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 or elimination of bias credit.