Mastering Business Entity Selection and Formation: A Comprehensive Guide for Lawyers to Optimize Client Success
This course will focus on the importance of choice of law in the selection of business structures. The course will provide an overview of the benefits and disadvantages of different entities and help lawyers understand what is best for their clients.
The course will begin with a discussion of the essential client intake questions for LLC attorneys, including determining important factors such as intended members, money, knowledge, know-how, and experience. The course will also cover the main differences between C corps, S corps, and partnerships, and the key factors to consider when choosing an entity for your business.
In addition, the course will highlight the unique benefits and challenges of single-member and series LLCs. It will cover the considerations for lawyers advising clients on the formation of an LLC, including the importance of understanding the formation process and sequence in their jurisdiction, preparation of the operating agreement, collaboration with CPAs for tax-related matters, and obtaining an EIN early in the formation process.
The course will also provide an in-depth analysis of key provisions in an LLC operating agreement, including opt-out provisions related to state requirements, power issues, voting procedures, transfer of shares, and dispute resolution frameworks.
Finally, the course will outline the advantages of LLCs and S corporations for small businesses, including their flexibility and tax benefits, and that both entities offer limited liability protection, meaning that the personal assets of the business owners are protected in the event of legal action against the business. The course will also highlight the fewer formalities and reporting requirements for LLCs and S corporations as compared to C corporations, making them more attractive for small businesses with limited resources.
Overall, this course will provide lawyers with a comprehensive understanding of the different entities available to their clients and help them navigate the complex landscape of business entity selection and formation.
Some of the topics discussed include:
Outside General Counsel, Corporate Lawyer, Litigator
With a solid background of successes in Corporate Law as Outside General Counsel, I have built a reputation as a leader in contract development, risk avoidance, and team leadership. I have experience providing vision and guidance across client teams to identify areas of opportunity and client success. My success is driven by my ability to align client objectives with pragmatic methods. I leverage a unique mix of strategic and analytical expertise, consistently exceeding performance goals. Some of my most notable results in my recent career include: Best of the Bar Award for a top 100 verdict in Washington State in 2018; placed in the 2014 Global Director of Who’s Who “Top Lawyer” and “Lifetime Member”; earned a place on Strathmore’s Who’s Who 2002 – 2003 and Who’s Who: American Executives, 2000; Avvo Clients’ Choice Award winner 2012 & 2013; Seattle Times legal contributor 1999-2013 (9 times); and 425 Business Magazine feature Dec 2018. Bar Admission: Washington
PODCAST HOST | LEARNFORMULA
Nicole Pettes is a highly experienced podcast host known for her engaging interview style and ability to draw out the best in her guests. She has hosted a diverse range of podcasts and video interviews that explore a wide variety of topics. Currently, Nicole is a Video Podcast Host with Learn Formula, where she contributes to their professional education series. She also hosts the Anxious & Ambitious podcast, which explores personal growth and mental health, and co-hosts the Podcast Guesting For Profit, which helps entrepreneurs and podcasters succeed as podcast guests.
