Single Member LLCs: Learn How to Draft Operating Agreements, Avoid Veil Piercing, And Protect Your Assets

Michael J. Gorby
Michael J. Gorby
Gorby Peters & Associates, LLC

He is a nationally recognized leader in complex corporate disputes, and liability issues that arise for property owners and managers, such as hotel chains, restaurants, shopping centers, apartment complexes, office buildings, and other public venues.

Jeff Cunningham
Jeff Cunningham
Bradley Arant Boult Cummings LLP

He routinely advises growing entrepreneurial businesses regarding all aspects of the business life cycle, from entity selection and formation through fund raising and operational growth and maturity, all the way to the sale of the business in an exit transaction.

On-Demand: November 22, 2024
This class is included in the myLawCLE All-Access Pass

Subscribe to myLawCLEs All-Access Pass...
Get this course, plus over 1,000+ of live webinars.
Learn More
MCLE Credit Information:

Select Your State Below to View CLE Credit Information

2 hour CLE
Tuition: $195.00
Training 5 or more people?

Sign-up for a law firm subscription plan and each attorney in the firm receives free access to all CLE Programs

Program Summary

This program will explore the essentials of managing Single Member LLCs (SMLLCs) effectively. Learn how to draft clear and protective operating agreements that boost tax efficiency and safeguard assets. It will provide a thorough analysis of smart tax planning strategies and practical methods for protecting your assets from potential risks. Participants will also explore how to avoid common pitfalls that could lead to personal liability by maintaining a proper separation between personal and business assets.

Session I – Asset Protection and Avoiding the Alter Ego Danger – Mike Gorby

In this session, we will discuss the importance of asset protection and liability protection for business owners and explore the tools and strategies available to safeguard your personal and business assets. We will discuss the role of Charging Orders in protecting LLC assets and highlight bankruptcy issues unique to SMLLCs. We will examine the differences between asset protection versus liability protection and discuss the role of insurance and other protection mechanisms. Additionally, we will address the critical issue of maintaining proper separation between personal and business assets to avoid the "alter ego" or “veil-piercing” danger, which can put your assets at risk. By the end of this session, you will have a clear understanding of how to protect your assets and minimize your risk exposure.

Key topics to be discussed:

  • Asset protection vs liability protection
  • Insurance and other tools for protection
  • Maintaining proper separation between personal and business assets

Session II – How to Draft SMLLC Operating Agreements – Jeff Cunningham

In this session, we will delve into the essential components of drafting a Single-Member Limited Liability Company (SMLLC) operating agreement that is both tax-compliant and protective of your assets. We will explore the key elements that must be included to ensure your agreement is effective and compliant with regulatory requirements. By the end of this session, you will have a clear understanding of how to draft an operating agreement that safeguards your business and personal assets and sets your SMLLC up for long-term success.

Key topics to be discussed:

  • Key components
  • Make sure your agreement is tax-compliant and protects your assets
  • Ensuring compliance and effectiveness

Session III – Tax Planning – Jeff Cunningham

This session will focus on the critical aspects of tax planning for business owners, including classification options, deductions, and credits. We will examine the tax implications of various business decisions, such as entity selection, income allocation, and expense reporting. By understanding the tax planning strategies and opportunities available, you will be able to minimize your tax liability, maximize your cash flow, and make informed decisions that drive business growth.

Key topics to be discussed:

  • Classification options
  • Deductions and credits
  • Tax implications of various business decisions

Closed-captioning available

Speakers

Michael J. Gorby_myLawCLEMichael J. Gorby | Gorby Peters & Associates, LLC

Mike Gorby is a founding member of Gorby Peters & Associates, LLC. He is a nationally recognized leader in complex corporate disputes, and liability issues that arise for property owners and managers, such as hotel chains, restaurants, shopping centers, apartment complexes, office buildings, and other public venues. Mike’s work also includes advising start-up clients on the different forms of business structures and the most advantageous entity selection for the client. Mike has served as the program chair for the Institute of Continuing Legal Education in Georgia (an affiliate of the University of Georgia) on the topic of Premises Liability. He is also the author of a popular legal treatise, Premises Liability in Georgia, which is published by Thomson Reuters/West, and which is now in its Third edition. Mike also serves as an instructor/lecturer for Georgia Tech Procurement Assistance Center (GTPAC) in the area of procuring government contracts and is also a registered mediator.

 

Jeff Cunningham_ Bradley Arant Boult Cummings LLP_myLawCLEJeff Cunningham | Bradley Arant Boult Cummings LLP

Jeff Cunningham is a Partner with Bradley Arant Boult Cummings LLP. He routinely advises growing entrepreneurial businesses regarding all aspects of the business life cycle, from entity selection and formation through fundraising and operational growth and maturity, all the way to the sale of the business in an exit transaction. Listed in The Best Lawyers in America®, Corporate Law, 2021-2024.

Agenda

Session I – Asset Protection and Avoiding the Alter Ego | 1:00pm – 2:00pm

  • Asset protection vs liability protection
  • Insurance and other tools for protection
  • Maintaining proper separation between personal and business assets

Break | 2:00pm – 2:10pm

Session II – How to Draft SMLLC Operating Agreements| 2:10pm– 2:40pm

  • Key components
  • Make sure your agreement is tax compliant and protects your assets
  • Ensuring compliance and effectiveness

Session III – Tax Planning | 2:40pm – 3:10pm

  • Classification options
  • Deductions and credits
  • Tax implications of various business decisions

#1 CLE Access Program

  • Over 1,000 Live CLE Webinars each year
  • All CLE webinars broadcasted in last 12 months
  • Programs covering over 35 practice areas
  • Hot topics & changes in the law
  • All formats: Live, Replay, and On-demand
  • Accreditation in every state

Access every CLE webinar,
every format, all year long!

myLawCLE All-Access Pass

only $395 yearly


Register Now

#1 CLE Access Program

  • Over 1,000 Live CLE Webinars each year
  • All CLE webinars broadcasted in last 12 months
  • Programs covering over 35 practice areas
  • Hot topics & changes in the law
  • All formats: Live, Replay, and On-demand
  • Accreditation in every state

Access every CLE webinar,
every format, all year long!

myLawCLE All-Access Pass

only $395 yearly


More CLE Webinars
Trending CLE Webinars
The Corporate Transparency Act Reporting Obligations
The Corporate Transparency Act Reporting Obligations
Law Offices of Jonathan H. (Jason) Warner, P.A.
On-Demand
IRS Penalty Abatement Made Easy
IRS Penalty Abatement Made Easy
Green & Sklarz, LLC
On-Demand
Gun Trust Law (2024 Edition)
Gun Trust Law (2024 Edition)
Partner, Davenport Evans Lawyers
On-Demand
Revocable Living Trusts from Start to Finish (2024 Edition)
Revocable Living Trusts from Start to Finish (2024 Edition) Mon, December 30, 2024
On-Demand
Live Replay
Lawyers Serving on Boards
Lawyers Serving on Boards
Howard Brod Brownstein, CTP.
Essential Accounting Principles Every Attorney Should Know
Essential Accounting Principles Every Attorney Should Know
LaPorte CPAs & Business Advisors
On-Demand
Creating a Trial Notebook: From A - Z (Including 1hr of Ethics)
Creating a Trial Notebook: From A - Z (Including 1hr of Ethics)
Trial Lawyers for Justice, Hanker Law PC
On-Demand
Tax Opportunity Zones (2024 Edition)
Tax Opportunity Zones (2024 Edition)
Blank Rome LLP
On-Demand
Litigating Libel and Defamation Cases
Litigating Libel and Defamation Cases
Callahan & Blaine, APLC.
On-Demand
Will Drafting 101 (2024 Edition)
Will Drafting 101 (2024 Edition)
Partner, Davenport Evans Lawyers
On-Demand
Upcoming CLE Webinars
Using Self-Collection Tools to Gather ESI
Using Self-Collection Tools to Gather ESI Wed, December 4, 2024
Live Webcast
Law Firm Automation Meets AI: A match made in heaven?
Law Firm Automation Meets AI: A match made in heaven? Thu, December 5, 2024
Live Webcast
Tools for Managing Vicarious Trauma in Practice
Tools for Managing Vicarious Trauma in Practice Thu, December 5, 2024
Live Webcast
Wine, Spirits and Beer Law 101 (2025 Edition)
Wine, Spirits and Beer Law 101 (2025 Edition) Fri, December 6, 2024
Live Webcast
Playing Defense at 30(b)(6) Depositions (2024 Edition)
Playing Defense at 30(b)(6) Depositions (2024 Edition) Fri, December 6, 2024
On-Demand
Live Replay
4th Annual Tax Rep Summit [4-Day Event]
4th Annual Tax Rep Summit [4-Day Event] Tue, December 10, 2024
Live Webcast
Cannabis Law: Taxation, M&A, and Compliance Strategies
Cannabis Law: Taxation, M&A, and Compliance Strategies Wed, December 11, 2024
Live Webcast
Supercharging Your Transactional Practice with GenAI
Supercharging Your Transactional Practice with GenAI Wed, December 11, 2024
Live Webcast
Negotiating Financing and Investment in Cannabis
Negotiating Financing and Investment in Cannabis Thu, December 12, 2024
Live Webcast
Fraudulent Transfers Uncovered (2025 Edition)
Fraudulent Transfers Uncovered (2025 Edition) Thu, December 12, 2024
Live Webcast
Esports Law 101 (2025 Edition)
Esports Law 101 (2025 Edition) Fri, December 13, 2024
Live Webcast
Dividing Military Pensions (2025 Edition)
Dividing Military Pensions (2025 Edition) Mon, December 16, 2024
Live Webcast
Common Cyber Threats and How to Reduce Risk
Common Cyber Threats and How to Reduce Risk Wed, December 18, 2024
Live Webcast