Buying, Selling and Exchanging Partnership and LLC Interests Out of Stock
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Product Details
As LLCs have become the default choice of entity for most businesses, sales and exchanges of LLC membership interests have become common. Despite the frequency of sales and exchanges, exactly what interests of the seller the buyer succeeds to is often mistaken and these mistakes can lead to dispute and litigation. By default, transferees generally succeed only to the economic interests of the transferor. They do not succeed to the transferor's governance rights. If governance rights are part of the underlying bargain, the consent of the LLC's other members generally must be sought. This program will provide you with a practical guide to drafting and planning for the sale and exchange of LLC interests.
-Planning and drafting issues for selling/exchanging LLC and partnership interests and effective alternatives
-Succession to economic rights of seller v. management and information rights
-Tax consequences to the entity and buyers/sellers in sales and exchanges of entity interests
-Disguised sales of LLC/partnership interests - and techniques to avoid adverse tax c
-Constructive terminations and their adverse tax consequences
-Distributions and other alternative to sales and exchanges of LLC/partnership interests
About the Speaker
Allen Sparkman is a partner in the Houston, Fort Worth, and Denver offices of Sparkman Foote, LLP. He has practiced law for over forty years in the areas of estate, tax, business, insurance, asset protection, and charitable giving. He has written and lectured extensively on choice-of-entity, charitable giving and estate planning topics. He is the Colorado reporter for the books "State Limited Partnership Laws" and "State Limited Liability Company Laws," both published by Aspen Law & Business and co-author of Using Limited Liability Companies, Partnerships, and Limited Partnerships in Colorado, publishing by CLE in Colorado, Inc. Mr. Sparkman received his A.B. with honors from Princeton University and his J.D. with high honors from the University of Texas School of Law.
Mandatory MCLE Credit Hours
This seminar qualifies for 1.0 MCLE Credit Hour, and including up to 1.0 Taxation Law Specialty Credit Hour.
This seminar is an Intermediate level program.
Note: When submitting your compliance reports to the SC Commission on CLE and Specialization, if you completed this in 2020, please use this course code: 201811ADT
Note: When submitting your compliance reports to the SC Commission on CLE and Specialization, if you completed this in 2021, please use this course code: 213157ADT
Tags Business/Corporate; Tax