Business Law: 4.75 General Hours and 1 Hour Dual (Ethics)


Originating in Wyoming in 1977 and spreading thereafter to all fifty states, including to Tennessee in 1994, the limited liability company (LLC) has become the most popular form of entity for newly created businesses in the United States. Particularly since the IRS’s adoption of “check the box” regulations twenty years ago, entrepreneurs are drawn to the LLC due to its flexibility. State LLC Acts, including Tennessee’s, contain primarily default provisions and very few regulatory provisions. This makes the private ordering of the LLC through the drafting of the operating agreement absolutely essential to defining the rights and responsibilities of the LLC’s members.

The TBA Business Law Section’s 2019 Annual CLE Forum helped business lawyers learn and refresh their knowledge about issues that may arise when drafting an LLC operating agreement. Topics include an overview of the two extant Tennessee LLC acts and a comparison of those acts with the Delaware LLC Act; other distinctions of Tennessee law that impact the operating agreement; drafting key provisions, including distribution and allocation, employee and member compensation, and exit rights; and ethical considerations for lawyers drafting LLC operating agreements.

Courses Included

Package Pricing
  • Member: 258.75
  • Non-Member: 431.25
  • Section: 201.25
TBA members who are judges, lawmakers and law students can take TBA CLE onsite courses at no charge for the programming. There may be a separate charge if meals, special materials or other premium features are involved.
Package Credits Dual Credits: 1
General Credits: 4.75
Total Credits: 5.75 Highlights
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  • Discount for Business Law Section Members