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Anatomy of an LLC Operating Agreement (Including LLP)

  • Accountant
  • AFSP
  • CRTP
  • CPA (US)
  • EA
  • ORTP
  • MRTP
  • CFIRS
  • CWS

Published: March, 2022

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  • Course Description
  • Course Qualification
  • Presenter
  • FAQ

Course Description

Overview

  • What is an operating agreement
    12 mins
  • Additional factors
    16 mins
  • Formation of an agreement
    26 mins
  • Structure for an agreement
    33 mins
  • Special provisions
    50 mins

Course Description

One of the beauties of operating a business through a limited liability company is the ability to streamline and combine the company’s governing documents into one document known as a Limited Liability Company Agreement or Operating Agreement. 

These agreements contain material corporate and tax considerations that must be aligned and consistent throughout the document. This puts a tax professional in a unique, “value-add” position. 

An LLC operating agreement establishes guidelines for an LLC in the same way that articles of incorporation govern the operation of a corporation.

The operations agreement is a tool kit of your knowledge of your practice and what you do on any given day. Then as the practice grows it will become necessary to implement several new items for all partners. The thing to realize is that every business and its partners are different so every agreement is different too.

Maintaining an efficient practice requires documentation, documentation, and documentation. Therefore, there will be no right or wrong in piecing one together.

The unique business structure and rules of LLCs make them an invaluable instrument for your clients - don't miss out on this opportunity to learn not only how to spot potential pitfalls, but also how to plan and design the LLC to better meet their needs. 

The objective of the CE/CPE tax course is to give attendees an understanding of common, and perhaps some uncommon, pressure points that typically arise in the context of drafting a Limited Liability Company Agreement or Operating Agreement.

Learning Objectives

  • To discuss the role of the limited liability company agreement or operating agreement in corporate governance matters.
  • To analyze different types of distribution schemes.
  • To inspect and interpret provisions for allocations.
  • To discuss considerations regarding equity incentive plans.

Recommended For

  • The CPE course for CPAs is recommended for CMAs, CVAs, CIAs, Accountants, and Staff of Accounting Firms desiring to learn how to draft a Limited Liability Company Agreement or Operating Agreement.
  • The IRS Approved CE Course is recommended for EAs, AFSPs, Tax Preparers, and Other Tax Professionals.

Who Should Attend?

  • Auditors
  • California Registered Tax Professional
  • Certified Management Accountant (CMA)
  • Certified Public Accountant (CPA)
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • Maryland Tax Preparers
  • Oregon Tax Preparers
  • Tax Attorney
  • Tax Firm
  • Tax Practitioners
  • Tax Professionals
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1 CE Credit of Federal tax-related matters for Annual Filing Season Program (AFSP)
  • 1 CE Credit of Federal tax-related matters for California Registered Tax Preparers (CRTP) (Approval No. 6273-CE-0811)
  • 1 CPE Credit of Taxes for Certified Public Accountants (CPA-US)
  • 1 CE Credit of Federal tax-related matters for Enrolled Agents (EA) (Approval No. GEHNZ-T-00871-22-S)
  • 1 CE Credit of Federal tax-related matters for Oregon Registered Tax Preparers (ORTP) (Approval No. GEHNZ-T-00871-22-S)
  • 1 CE Credit of Federal tax-related matters for Maryland Tax Preparer (MRTP) (Approval No. GEHNZ-T-00871-22-S)
  • 1 CE Credit for Certified Fiduciary & Investment Risk Specialist (CFIRS)
  • 1 CE Credit for Certified Wealth Strategist (CWS)
  • 1 General Credit of Taxes for Accountant/Bookkeeper/Tax Professionals

Additional details

  • Course Level :
    Basic
  • Credits :
    1
  • Instructional Method :
    QAS Self Study
  • Pre-requisites :
    None
  • Advance Preparation :
    None

IRS APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary.

NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

CTEC APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

Presenter

About Presenter

Drew Stevens

CEO and Leadership Change Expert, Stevens Performance

Talks about #strategy, #salesandmarketing, #revenueoptimization #financialadvisory #strategicleadership #financialplanning #successionplanning #exitplanning

If you want your business competitive proof then you need to understand the 12 crucial elements that destroy a business. 

If you want your business to continually exceed goals, then stop doing the same things that create no results and no changes.

What is?

  • 12 Strategic Principles that guide the business and eliminate the obstacles/
  • Modern methods that create fiscal controls and higher income.
My mission is to implement plans for struggling businesses to generate transformative, long-lasting results for every organization. 

My innovative and transformative assistance is with:

  • Developing financial awareness that places more money into owners' hands.
  • Eliminating waste and processes that slow revenue, access to clients and competition.
  • Implementing strategies that have helped businesses develop more than $11B in new revenue.
  • Creating personal financial strategies that create abundance, a better lifestyle and personal liquidity.
By creating a strategic approach and realigning business, Drew will help your organization to: 

  • Lower Customer Acquisition Cost
  • Increase financing while creating a fluid when planned exit 
  • Competitive Proof the Firm
  • Build Industry and Brand Recognition
  • Increase Financial Wealth

Faq

FAQs content

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