The Life Cycle of a Business Entity: What You Need to Know to Advise Your Clients in Business Matters
This not-to-be missed stand-alone program will navigate the entire life cycle of a business entity. From formation and choice of entity, to operations and governance, to generational transfer or sale, the panels will discuss the legal, tax, and practical considerations of advising businesses and their owners. Presenters will drill down into special topics like entity-ownership by trusts, structuring compensation, specific industry concerns, and more. The panels will use a hypothetical family business to guide attendees through every stage of the business. Sample forms and checklists will be provided to assist practitioners.
Session 2: Governance, Operation, and Management of an Entity
Best Practices for Partnerships, Corporations, and LLCs
Maintenance of books and records Tax compliance Documenting actions and distributions Checks and balances Periodic reviews for updating to be consistent with actual practices Annual maintenance Checklists
Owner Control, Operations, and Shareholder Agreements
Owner communications Family dynamics and consequences relating to control issues under governing documents Majority vs. super-majority actions Creditor protection Interim controls in the event of disability Officers and agents Navigating transfer restrictions Effect of governing documents on valuation Tax consequences of transfers Role of life insurance
Speakers: Lora G. Davis, Dallas, TX (Moderator) Kevin Matz, New York, NY M. Allison Taylor, Birmingham, AL
Recorded June 20, 2018 in Chicago, IL
