Converting to an LLC

The ABA section of  Real Property, Trust and Estate Law is sponsoring a teleconference and live audio webcast on July 7, 2009 entitled Conversion of Business Entities into Limited Liability Companies. 

Here is a description of the program:

The limited liability company has become the entity of choice in business and estate planning because it is the most flexible limited liability form of entity. Most estate planners, however, have numerous clients who operate as corporations taxed under subchapter C or subchapter S. Is it possible to convert corporations to limited liability companies to achieve a more flexible governance structure without triggering adverse tax consequences? This panel will explore the benefits of such a conversion and the road map to use to avoid a bad tax result. This presentation will:

• examine the tax aspects of limited liability companies
• compare them with C corporations and S corporations
• work through the process of converting to an LLC
• address concepts such as super majority voting restrictions and their durability
• examine asset protection issues and how LLCs fit into that analysis
• review what state and local tax issue may need to be considered
• provide a sample form operating agreement for an LLC
• address requisite IRS filings and the “check-the-box” regulations