LLC Operating Agreements: Minimizing the Impact of a Member's Death, Divorce or Bankruptcy
Buy-Sell and Other Provisions to Prevent Disruption and Preserve Control for Remaining Members
Recording of a 90-minute CLE webinar with Q&A
This CLE webinar will discuss critical features to include in an LLC operating agreement to mitigate the impact of a member’s death, divorce or bankruptcy. The panel will suggest buy-sell, management and non-dissolution provisions and explain the impact of the possible treatment of an LLC agreement as an executory contract.
- Implications of death, divorce or bankruptcy of an LLC member
- Non-dissolution provisions
- Revision of member rights and obligations upon certain events
- Buy-sell agreements
- LLC agreement as an executory contract
- Integration of documents
The panel will review these and other key issues:
- What are some of the immediate concerns when a member dies or files for bankruptcy?
- How should operating agreements address the divorce of a member?
- What kinds of buy-sell provisions should be included in the LLC to address disruptive events?
- What impact does the treatment of an LLC operating agreement in bankruptcy have on non-bankrupt members of the LLC?
L. Katie Mason
Reinhart Boerner Van Deuren
Ms. Mason regularly counsels manufacturers, trade creditors, landlords, lending institutions and other parties in all... | Read More
Ms. Mason regularly counsels manufacturers, trade creditors, landlords, lending institutions and other parties in all aspects of bankruptcy proceedings, receiverships and workouts. She has particular expertise defending clients in preference avoidance and fraudulent transfer actions arising under the United States Bankruptcy Code and state law. She is also experienced in representing clients in the sale and purchase of distressed assets under Section 363 of the Bankruptcy Code, Chapter 128 of the Wisconsin Statutes, and Article 9 of the Uniform Commercial Code.Close
Ross & Shulga
Ms. Shulga focuses her practice on corporate and securities matters. She has significant experience in startup law,... | Read More
Ms. Shulga focuses her practice on corporate and securities matters. She has significant experience in startup law, securities offerings and SEC reporting obligations, cross-border transactions, corporate governance, private and public company representation, periodic reporting filings for public companies, and business entity formation. She has represented startups and Fortune 500 companies in a variety of industries.Close
Douglas Park Law Firm
Mr. Park has worked with large, international law firms and served as in-house legal counsel for an international... | Read More
Mr. Park has worked with large, international law firms and served as in-house legal counsel for an international publicly-traded company. As a result, he has worked on a variety of sophisticated business transactions and is skilled at structuring, drafting and negotiating commercial contracts and business arrangements. He has written on issues concerning operating agreements and an LLC member’s bankruptcy.Close