Common Single-Member LLC Oversights


CLE credits earned: 2 GENERAL (or 2 LAW & LEGAL for WA state)

Gain an understanding of the most frequent oversights that solo entrepreneurs may come across. Many solo entrepreneurs, and the lawyers hired to support them, often do not understand exactly what options are available to them. They often don’t know how to decide which option is best. Perhaps most frustratingly of all, they don’t know how to obtain—or, in the case of lawyers supporting solo entrepreneurs, provide—affordable, reliable legal services that meet their need for preventive legal services in the business formation context. For these reasons, many entrepreneurs turn to Do-It-Yourself (DIY) legal ‘solutions,’ which are not really solutions, at all. They get a template, maybe some document or form registration service, perhaps Registered Agent service, and carry on with their business, never realizing that the ‘solution’ they have adopted likely leaves them exposed to legal risk that could have been avoided, if they had hired a lawyer to provide necessary business formation legal services.

This presentation helps the lawyers assisting solo entrepreneurs considering the question of whether or not to form a single-member LLC to understand how first to determine whether a single-member LLC is the right fit for the client’s needs and then how to understand the process required for addressing the client’s business formation legal needs and support the fledgling enterprise in a preventive law context. The material also explains and dispels common misconceptions about the benefits of LLCs versus S-Corporations. Failing to adequately consider, reflect upon, and intentionally choose the correct business organizational structure is one of the most common errors solo entrepreneurs make, when starting a business. It often leads to easily avoidable and potentially costly legal liability and risk exposure. This information is critical for lawyers providing business formation legal services, so they can ensure their recommendations are as beneficial as possible for their clients, and so they can provide the right balance between the client’s level of risk aversion and budget.

This course is co-sponsored by the Federal Bar Association.

Key topics to be discussed:

•   Reasons for choosing to form a single-member LLC
•   Preventive law issues for single-member LLCs such as managing risk, tax issues, and branding concerns
•   Providing legal counsel to existing single-member LLCs

Date / Time: January 13, 2020

•   2:00 pm – 4:00 pm Eastern
•   1:00 pm – 3:00 pm Central
•   12:00 pm – 2:00 pm Mountain
•   11:00 am – 1:00 pm Pacific

Choose a format:

•   Live Video Broadcast/Re-Broadcast: Watch Program “live” in real-time, must sign-in and watch program on date and time set above. May ask questions during presentation via chat box. Qualifies for “live” CLE credit.
•   On-Demand Video: Access CLE 24/7 via on-demand library and watch program anytime. Qualifies for self-study CLE credit. On-demand versions are made available 7 business days after the original recording date and are view-able for up to one year.

Select your state to see if this class is approved for CLE credit.

Choose the format you want.


Original Broadcast Date: July 30, 2019

Noel Bagwell, Esq. is President and Chief Legal Counsel of Executive Legal Professionals, PLLC (“ExecutiveLP®”), an innovative business law firm that emphasizes all aspects of preventive law for start-ups and entrepreneurs, especially in connection with business formation, outside general counsel, franchising, and small business mergers & acquisitions.

Noel also serves as the Start-ups & Small Business Aspect of Practice Leader for the National Center for Preventive Law. He often leads seminars and workshops for attorneys, businesses, and entrepreneurs, and has authored several publications related to these areas of practice. Noel enjoys giving back to the community by speaking to veteran’s groups, such as the SBA’s Boots to Business workshop at Ft. Campbell, KY, about business formation legal issues and has earned multiple Attorney for Justice Awards for his pro-bono work.

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I. Common (Poor) Reasons for Choosing to Form Single-Member LLCs
a) Just to Get Legal Liability Limitation
b) Just for Perceived Tax Benefits
c) To Establish “Legitimacy,” as a Business, per se

II. Preventive Law for Entrepreneurs Considering Single-Member LLCs
a) Limiting Liability
b) Addressing Tax-Related Issues
c) Building a Respected Brand

III. Counseling Members of Existing Single-Member LLCs
a) Should I Keep My Single-Member LLC?
b) My Accountant (or Other Professional) Advised Me to Convert My LLC to an S-Corp. Should I?
c) How Can I Get the Reliable Professional Support My Business Needs?