ILLC
INTRODUCTION TO THE LIMITED LIABILITY COMPANY

Objective: This two-hour course covers the basic tax and legal aspects of limited liability companies and limited liability partnerships, and discusses the advantages of using LLCs and single-member LLCs in various business structures.

Major Topics: This course covers various legal and tax issues in connection with the limited liability company, including the history of its development and use. The course includes a comparison of the LLC with other entities and an analysis of the tax classification of LLCs in light of the new check-the-box regulations. This course also provides an overview of limited liability partnerships, including the formation and formalities of LLPs and state tax treatment of LLPs. The course also includes a review of the federal taxation of LLPs and the unique problems these entities present.