Agenda / Content Covered

All times are shown in Eastern time

1. Formation and Drafting: Articles and Operating Agreement
   10:00 - 11:00, Daniel S. Welytok
   1. Types of LLCs
   2. Steps to LLC Formation
   3. The Basics of Articles of Organization
   4. Capital Contributions
   5. Ownership Interest Documentation
   6. LLC Recordkeeping
   7. Drafting Tips and Suggestions
2. Management and Voting Provisions
   11:15 - 12:15, Daniel S. Welytok
   1. Member Managed vs. Manager Managed
   2. Manager Powers, Appointment, Resignation and Termination
   3. Officers (If Desired)
   4. Problems with Decision-Making in LLCs
   5. Practical Implications of Majority, Super-Majority and Unanimity Voting
   6. Scope of Fiduciary Duty and Other Duties of Managers and Members
3. Transfer Restriction Issues, Right of First Refusal, Impasse (Put/Call), Capital Call and Dissolution Provisions
   12:15 - 1:15, Brandon M. Schwartz
   1. Limitations on Transfer
   2. Tax and Operations Effects of Different Types of Buyout Provisions
   3. Options and Mandatory Buyouts
   4. Rights of First Refusal and Rights of First Offer
   5. Drag-Along, Come-Along Rights
   6. Capital Calls
   7. Impasse Provisions
   8. Dissolution
4. Tax Process: Distribution and Allocation Provisions
   1:45 - 2:45, Daniel S. Welytok
   1. Options for Tax Entity Selection
   2. Allocations of Profits and Losses
   3. Distributions Generally
   4. Preferred Returns
   5. Payments for Providing Services or Capital
5. Current Developments in LLC Litigation
   2:45 - 3:45, Brandon M. Schwartz
   1. Limited Liability of LLC Members and Managers - Piercing the LLC Veil
   2. Fiduciary Duties of LLC Members and Managers
   3. Interpretation of LLC Operating Agreement as to Fiduciary Duties
   4. Interpretation of LLC Operating Agreement as to Additional Capital Contributions
   5. Interpretation of LLC Operating Agreement as to Removal of Manager
   6. Interpretation of LLC Operating Agreement as to Fee-Shifting Provisions
   7. Reformation of LLC Operating Agreement
   8. Improper Distribution by an LLC
   9. Charging Orders Regarding LLC Property
   10. Merger, Conversion and Reorganization of LLCs
6. Ethics
   4:00 - 5:00, Brandon M. Schwartz
   1. Conflicts of Interest and Confidentiality
   2. Unauthorized Practice of Law

Accreditation Details:

BRANDON M. SCHWARTZ is a trial attorney with Schwartz Law Firm in Oakdale, Minnesota. Mr. Schwartz is board certified by the Minnesota State Bar Association as a civil trial 4specialist and is board certified by the National Board of Trial Advocacy as a civil trial law advocate. He focuses his practice primarily on business law and business litigation involving such matters as shareholder disputes, derivative actions, contract creation and litigation, company formation, and age discrimination for clients throughout Minnesota, Iowa, Wisconsin, and Arizona. Mr. Schwartz also provides counsel and litigation representation in personal injury and family law cases. He is admitted to practice in Minnesota, Iowa, Wisconsin, and Arizona; and before the U.S. District Court for the districts of Minnesota, Colorado, Iowa, and Wisconsin. Mr. Schwartz earned his undergraduate degree, cum laude, from Michigan Technological University; and his J.D. degree, cum laude, from the William Mitchell College of Law, and was in the top ten students in his class. He has been published several times by the Minnesota State Bar Association, Michigan Bar Journal, and the American Bar Association. Mr. Schwartz has been named a Rising Star by Super Lawyers multiple times, is a life member of the Million Dollar Advocates Forum and the Multi-Million Dollar Advocates Forum, is a lifetime charter member of Best Attorneys of America, was awarded with Lifetime Achievement by America’s Top 100 Attorneys, and was awarded as one of America’s Top 100 High Stakes Litigators.

DANIEL S. WELYTOK is a shareholder in the Milwaukee office of von Briesen & Roper, s.c., where he assists clients with tax issues, acquisitions and divestments, capital structuring, financing, corporate governance, information technology, licensing and distribution, regulatory and compliance issues, labor and employee benefits matters, and dispute resolution. He serves as chair of the firm's Opinion Review Committee. Mr. Welytok was appointed in 2018 by the U.S. Department of Treasury to serve on the Internal Revenue Service Advisory Committee on Tax Exempt and Government Entities, and has served on the American Bar Association’s Advisory Committee, articles editor for The Tax Lawyer and chair of the ABA Tax Law Committee, Young Lawyers Division. He is also a past member of the State Bar of Wisconsin Tax Section Board of Directors and past chair of the TE/GE Council for the Great Lakes Area liaison with the Internal Revenue Service. Mr. Welytok is an Editorial Board member and on the editorial staff of the TAXFAX column of The Cooperative Accountant. He has been the author of and edited various tax and law-related books, including the 2018 National Income Tax Workbook, Nonprofit Law & Governance for Dummies, Sarbanes-Oxley for Dummies and The Wisconsin Guide to Nonprofits. Mr. Welytok received his B.B.A. degree, cum laude, from University of Wisconsin; his J.D. degree from University of Wisconsin; and his LL.M. degree, with distinction, from DePaul University.