COURSE DESCRIPTION
Planning for an LLC’s eventual liquidation can be as important as formation. Well planned and efficient liquidations help LLC members preserve value. Messy liquidations are costly and rapidly diminish value. Whether triggered by a provision in a buy/sell agreement or on the basis of a statutory provision, liquidations are a process of marshaling assets, providing a variety of notices, satisfying debts and other liabilities, and eventually liquidating distributions to LLC members. When planned and managed effectively, the process can preserve substantial value for clients. This program will provide you with a practical guide to liquidations of LLCs.
- Statutory bases for voluntary LLC dissolution and how they are triggered by members
- Judicial/non-voluntary bases for LLC dissolution
- Planning for eventual dissolution of an LLC in buy/sell agreements
- Process of dissolution, winding up and termination – and practical consequences of each step
- Drafting statements of dissolution
- Summary of tax consequences of distributions of various type of property
Herrick K. Lidstone, Jr. is a shareholder in the law firm of Burns Figa & Will P.C. His practice focuses in the areas of business transactions, including taxation, limited liability company and corporate formation and organization, mergers and acquisitions, and securities. He is the author of the Securities Law Deskbook (2006-2016 (CLE in Colorado, Inc.)), Limited Liability Companies and Partnerships In Colorado (2015-2017, with Allen Sparkman (CLE in Colorado, Inc.)), and Federal Income Taxation of Corporations (6th Ed., with William Krems and Richard Robinson (ALI-ABA, 1989)). He has served as an adjunct professor of law at the University of Denver Sturm College of Law and the University of Colorado School of Law.