Saturday, September 8, 2018

Agenda for the 2018 LLC Institute


LLCs, Partnerships and Unincorporated Entities Committee
2018 LLC Institute
October 11 – 12, 2018

Thursday, October 11, 2018
7:20 a.m. - 8:00 a.m.
Breakfast (included in registration)
8:00 a.m. - 8:15 a.m.
Welcome; Housekeeping
8:15 a.m. - 10:15 a.m.
Program (2 hrs.) Case Law Update (Non-Delaware)

Prof. Elizabeth “Beth” Miller (Baylor Law School, Waco, Texas); Kelley Bender (Chapman & Cutler, Chicago, Illinois); Sean Ducharme (Hunton & Williams LLP, Richmond, Virginia); and Dan Sheridan (Stark & Stark, Lawrenceville, New Jersey)
This panel will discuss recent LLC and partnership cases other than from Delaware on various topics of significance, including cases dealing with fiduciary duties and veil piercing and cases illustrating pitfalls in drafting operating agreements.
10:15 a.m. - 10:30 a.m.
10:30 a.m. - 12:00 p.m.
Program (1.5 hrs.) Tax & Choice of Entity

Moderator: Robert R. Keatinge (Holland & Hart, Denver, Colorado) Panelists: Bahar A. Schippel (Snell & Wilmer LLP, Phoenix, Arizona); Sam Kamyans (Baker & McKenzie, LLP, Washington, D.C.)
This panel will discuss the impact of recent tax developments on the choice of form and structure of business organization for a new or existing firm. Among the topics considered will be the comparative tax efficiencies of partnerships, S corporations, C corporations, and sole proprietorships considering changes in rates, the new deduction for qualified business income, and other tax changes; the rules applicable to employment and self-employment income and the net investment income tax; the impact of the change in the taxation of profits interests; and the effect of the new rules on firms engaged in different types of activities such as investment, personal services, and  capital intensive trades and businesses.

12:15 p.m. - 1:30 p.m.
Luncheon (included in registration)
Keynote address by Dana L. Trier (Davis Polk & Wardwell; Former Deputy Assistant Secretary for Tax Policy in the U.S. Treasury Department (2017-18))
1:30 p.m. - 3:30 p.m.
Program (2 hrs.)   Recent Tax Law Changes
Johnny Lyle (Adams and Reese LLP, Mobile, Alabama); Cristin Conley Keane (Carlton Fields P.A., Tampa, Florida); Sarah E. Ralph (Skadden, Arps, Slate, Meagher & Flom LLP,  Chicago, Illinois)
This panel will discuss issues affecting LLC practitioners due to recent tax law changes. Among the topics addressed will be direct and indirect impacts of provisions found in the Tax Cuts and Jobs Act and other recent tax legislation and guidance including (1) changes to 1031 like/kind exchange rules, partnership technical terminations, partnership basis rules, and nonshareholder contributions to capital, and (2) new provisions such as Qualified Opportunity Zones. The panel will also discuss drafting considerations created by the partnership income tax audit rules that went into effect January 1, 2018.
3:30 p.m. – 3:45p.m.
3:45 p.m. - 5:30 p.m.
Program (1.75 hrs.) Beneficial Ownership Reporting

Garth Jacobson (CT, a Wolters Kluwer business, Seattle, Washington); Cari Stinebower (Crowell & Moring LLP, Washington, DC); Kevin L. Shepherd (Venable LLP); US Senator Sheldon Whitehouse (invited); Sarah Runge, Credit Suisse, (recently retired Director, Office of Strategic Policy, Terrorist Financing and Financial Crimes US Dept. of Treasury)  Howard Mendelsolm, Chief Client Officer Kharon  (Formerly with US Dept of Treasury 2001 - 2011)


This program will address the issues and latest legislative developments related to business entity beneficial ownership disclosure. This is a chance to learn the latest on this hot topic about anti-money laundering efforts and stopping terrorist financing while balancing the interests of entrepreneurs and business entities.
6:00 p.m. - 7:00 p.m.
Cocktail Hour – Cash Bar
7:00 p.m. - 9:00 p.m.
Lubaroff Award Dinner - (this event is a separately ticketed event - obtain through the registration process)
Friday, October 12, 2018
7:30 a.m. - 8:00 a.m.
Breakfast (included in registration)
8:05 a.m. - 10:05 a.m.
Program (2 hrs.) Delaware and Bankruptcy Case Law Update
Lou Hering (Morris, Nichols, Arsht & Tunnell LLP, Wilmington, Delaware); Tammy Mercer (Young Conaway Stargatt & Taylor, LLP, Wilmington, Delaware); James J. Wheaton (Boston University School of Law, Boston, Massachusetts)
This panel will discuss recent LLC and partnership cases from Delaware on various topics of significance, including cases dealing with fiduciary duties, the implied covenant, dissolution and cases illustrating pitfalls in drafting operating agreements. Jim Wheaton will provide an update on recent bankruptcy decisions of interest.

10:05 a.m. - 10:15 a.m.
10:15 a.m. – 12:15 p.m.
Program (2 hrs.) Derivative Actions
Moderator: Warren Kean (Shumaker, Loop & Kendrick, LLP, Charlotte, North Carolina)
Panelist: Professor Deborah DeMott (Duke); Brock Czeschin (Richards Layton & Finger, Wilmington, Delaware)
This panel will discuss the history of derivative actions and their pre-emptive application in the context of limited liability companies and partnerships, particularly with respect to the legal standing of members to bring legal and equitable claims for the alleged breach of an LLC’s operating agreement (or the partnership agreement of a partnership).  Another case of unmindful “corporification” of LLCs and partnerships?  The panel will explore the fundamental differences between corporations and LLCs/partnerships particularly under Delaware law (and similar, contractarian law of LLCs of other states), how those fundamental differences may be being overlooked by lawyers and judges when determining the standing of members to seek redress for other members and those who manage LLCs, and how matters concerning direct and derivative claims should be addressed in operating and partnership agreements.
12:15 p.m. - 12:45 p.m.
Luncheon: Working Committee Meeting (included in registration)
12:45 p.m. - 2:45 p.m.
Program (2.0 hrs.) Ethics: The Top 15 Things Your Ethics Counsel-Risk Manager Hope You Know (and Hopefully Remember)
A.J. Singleton (Stoll Keenon Ogden PLLC, Lexington, Kentucky); Professor Nancy J. Moore (Boston University School of Law, Boston, Massachusetts)
This panel will discuss “The Top 15 Things Your Ethics Counsel-Risk Manager Hope You Know (and Hopefully Remember)”  No matter how long we’ve practiced, we all need reminders.  This program will identify some of the recurring legal ethics issues that practicing attorneys face, and will provide some practical solutions along the way.  It will also show how compliance with the Rules of Professional Conduct is also good risk management. 
2:45 p.m. – 3:00 p.m.
3:00 p.m. - 4:30 p.m.
Program (1.5 hrs.) Charging Orders
Jay Adkisson (Las Vegas, Nevada)  
Panelists: Lou Conti (Holland & Knight LLP, Tampa, Florida); Diana Espanola (Espanola Law, LLC, Cambridge, Massachusetts); John L. Williams (Williams Law Firm, Wilmington, Delaware); Thomas E. Rutledge (Stoll Keenon Ogden PLLC, Louisville, Kentucky); Lisa Jacobs (DLA Piper, Philadelphia, Pennsylvania)
This panel will discuss hot-topics in LLC charging order law, including procedural issues, representing the LLC in charging order situations, the LLC member in bankruptcy, and tax issues arising from the charging order and foreclosure from the viewpoints of the debtor, the creditor, and the LLC.
4:30 p.m. - 5:00 p.m.

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