Piercing the Veil of the Single Member Limited Liability Company ("SMLLC") Including Some Downsides to the Separate Entity for the Sole Proprietor (On Demand CLE)

      Piercing the Veil of the Single Member Limited Liability Company ("SMLLC") Including Some Downsides to the Separate Entity for the Sole Proprietor (On Demand CLE)
      CLE 90 min

      Piercing the Veil of the Single Member Limited Liability Company ("SMLLC") Including Some Downsides to the Separate Entity for the Sole Proprietor (On Demand CLE)

      Although most believe that the LLC provides protection from personal liability, it can be easily separated as a separate entity for tax purposes and for liability as well. This protection no longer exists if corporate standards are applied by the court--thus clearing the way to pierce the veil. Learn about the contributing factors that courts typically consider when trying to pierce or properly preserve the LLC veil.

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      Single Member SMLLCs benefit the sole proprietor by protecting the individual from liability for the debts of the company and facilitating a management structure that fits the proprietor's needs and business practices, while avoiding the added tax complexity which ordinarily accompanies "separate entity" status. However, preserving the LLC "veil" requires careful attention to structuring a flexible operation.

      Please join our faculty as they discuss:

      • The key issues for piercing an SMLLC, including:
        • The importance of maintaining separate accounting records and bank accounts
        • Whether "formalities" matter
        • Whether "disregarded entity" status under tax law matters
      • Creating agreements and communications with third parties which both protect the veil and avoid direct liability
      • Some downsides to the separate entity status of the SMLLC, such as barriers to bringing discrimination claims

      *Panelists appear as individuals and not as representatives of SSA*

      Product Details

      Moderators

      Jay David Adkisson

      Panelists

      Daniel S. Kleinberger, Elizabeth Seyle Fenton, Thomas Rutledge

      Sponsors

      Business Law Section, Solo, Small Firm and General Practice Division, Tort Trial and Insurance Practice Section

      Product Code

      CE1803PSMOLC

      Duration

      90

      Publication Date

      3/20/2018 12:00:00 AM

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