This session will provide an overview of the tax issues arising when forming, funding, operating, and liquidating an LLC - in understandable layperson terms and concepts; this course is designed for estate planning lawyers counseling business owner clients.

Business lawyers, estate planners with business owner clients, CPAs and family office consultants tell me they too often see LLCs without a clear understanding of the tax and financial consequences of business transactions because there is no Internal Revenue Code chapter for the taxation of an LLC.  Thus, the concept “how an LLC is taxed” is incompetent; it doesn’t exist. Rather, there are variable sets of consequences depending on whether the LLC chose (or defaulted) to be taxed as a C corporation, S corporation, partnership, or sole proprietor.  This course brings a slightly more than introductory discussion of common business transactions in order to arm the audience to spot issues and know when ears should be perked when counseling business clients.