The New Connecticut Uniform LLC Act and Real Property Considerations

On April 20, the Connecticut Bar Association will host an event entitled "The New CT Uniform LLC Act and Real Property Considerations" at The Farms Country Club, in Wallingford, CT. The event will feature a panel presentation featuring Verrill Dana attorney Barbara Young, as well as Ben Maini of Reynolds and Rowella, LLP, and John Rudich of First American Title Insurance Company. The panel presentation will be moderated by Verrill Dana attorney Regina Flaherty.

Presentation outline:

I. The Connecticut Uniform Limited Liability Company Act effective July 1, 2017

1. Effects on existing LLCs and their operating agreements
2. Changes in formation and operation of an LLC in Connecticut as a result of the New Act

II. Considerations for LLCs used in joint ventures and to hold real property

1. Structuring ownership percentages and sharing of profits/losses and waterfall provisions
2. Use of single LLC for ownership of multiple properties
3. Estate Tax Considerations in ownership of real property using an LLC

III. Securities Law considerations with LLCs

IV. Accounting Considerations for LLCs

V. Title Insurance Considerations resulting from the new LLC Act

1. CT Controlling Interest Transfer Act
2. Authority documents required for closings and by title insurance companies plus the impact of the new LLC Act on existing practices
3. Series LLC's – an overview of how they operate and issues particular to series LLC's. Also, how to deal with them in Connecticut currently.
4. CT Conveyance Tax Return—Schedule A disclosures

VI. Case Studies