Unincorporated Business Entities Section - Limited Liability Partnership

Unincorporated Business Entities Section III.3: Limited Liability Partnership Prof. Amitai Aviram [email_address] College of Law University of Illinois Copyright © Amitai Aviram. All Rights Reserved S07

Limited Liability Partnerships Formation of an LLP ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Copyright © Amitai Aviram. All Rights Reserved

Limited Liability Partnerships Misc. differences between GPs/LLPs ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Copyright © Amitai Aviram. All Rights Reserved

LLPs as Law Firms’ Entity of Choice Glater, New York Times (Jan. 10, 2003) ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Copyright © Amitai Aviram. All Rights Reserved

Losing the Limited Liability Shield Narrow Non-Liability Statutes ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Copyright © Amitai Aviram. All Rights Reserved

Liability of an LLP Partner Megadyne Information Systems ,[object Object],[object Object],[object Object],[object Object],Copyright © Amitai Aviram. All Rights Reserved 11/95 11/98 12/95 11/96 5/97 11/97 1/98 8/98

Losing the Limited Liability Shield Contribution Requirements ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Copyright © Amitai Aviram. All Rights Reserved

Raising Additional Capital 1. Shareholders’ Voluntary Loan ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Copyright © Amitai Aviram. All Rights Reserved

Raising Additional Capital 2. Issuing Shares at Original Price ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Copyright © Amitai Aviram. All Rights Reserved

Raising Additional Capital “Penalty Dilution” – Numerical Example ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Copyright © Amitai Aviram. All Rights Reserved

Raising Additional Capital 5. Mandatory Capital Contributions ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Copyright © Amitai Aviram. All Rights Reserved

Unincorporated Business Entities Section - Limited Liability Partnership

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Unincorporated Business Entities Section - Limited Liability Partnership