LLCs — Top Ten (or So) Mistakes, and Why They Are Important

29 Pages Posted: 12 Feb 2019

See all articles by Herrick K. Lidstone

Herrick K. Lidstone

Burns, Figa & Will, P.C.; University of Denver Sturm College of Law

Amy Fliam

Burns, Figa & Will, P.C.

Date Written: January 31, 2019

Abstract

Nationwide, more limited liability companies are being formed than any other business entity. In Colorado, eight times more LLCs were formed in 2018 than corporations, and other entity forms are minuscule in comparison. The problem with LLCs, however, is that they are extremely flexible, contract-driven, entities and few persons forming LLCs pay sufficient attention to the details.

This paper looks at those details that are frequently overlooked by persons forming LLCs (in many cases without competent legal assistance, if any lawyer has been involved at all).

Keywords: LLC, Limited Liability Company, Formation, Operating Agreement, Mistakes

JEL Classification: K10, K20, K22

Suggested Citation

Lidstone, Herrick K. and Fliam, Amy, LLCs — Top Ten (or So) Mistakes, and Why They Are Important (January 31, 2019). Available at SSRN: https://ssrn.com/abstract=3326837 or http://dx.doi.org/10.2139/ssrn.3326837

Herrick K. Lidstone (Contact Author)

Burns, Figa & Will, P.C. ( email )

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Suite 1000
Greenwood Village, CO 80111
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303-796-2626 (Phone)
303-796-2777 (Fax)

HOME PAGE: http://www.bfwlaw.com

University of Denver Sturm College of Law ( email )

2255 E. Evans Avenue
Denver, CO 80208
United States

Amy Fliam

Burns, Figa & Will, P.C.

6400 S Fiddlers Green Circle
Suite 1000
Greenwood Village, CO 80111
United States

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