Current Issues in LLCs, with Emphasis on the New Ohio Act
Thursday, February 10th, 2022 5:00 PM - 6:00 PM
Business Law Center
Webcast Archive Content
Jayne Juvan, Glenn Morrical and Dan Schiau of Tucker Ellis LLP will discuss current issues in LLCs impacting business leaders and advisors alike and will review features of the new Limited Liability Company Act that will take effect in Ohio on Feb. 11, 2022. The new act’s expanded flexibility and deference to freedom of contract principles reflect the trend in state LLC laws as of today, and will serve to highlight the different approaches between jurisdictions. Topics to be discussed include management structures, fiduciary and other duties, restrictions on transfer of LLC interests, rights of creditors, series LLCs, dissolution, and more. The speakers will also discuss practical considerations to consider when setting up or operating an LLC.
ABOUT THE SPEAKERS:
Glenn Morrical is a partner in the Corporate and Securities Practice Group of the Cleveland office of Tucker Ellis LLP. Over a career spanning more than 40 years, Glenn has served clients in a wide range of industries, as diverse as financial services, investment management, manufacturing, retail, mining, oil and gas and software development. He has helped clients form and operate entities ranging from single member LLCs to hedge funds and other investment funds with complex management and income sharing provisions. He has assisted borrowers needing to form “bankruptcy remote special purpose entities” to satisfy lenders who sell into the securitization markets. He has served on the Corporation Law Committee of the Ohio State Bar Association since the 1980s and has a hand in shaping many of Ohio’s business entity statutes.
Glenn holds a BA from The Ohio State University, an MBA from Cleveland State University, and a JD from Harvard Law School.
Dan Schiau is an associate in the Corporate and Securities Practice Group of the Cleveland office of Tucker Ellis LLP. His practice spans a broad range of business areas, including mergers and acquisitions, corporate governance, private equity, securities and capital markets, real estate, and real estate and commercial finance. Dan has significant experience in advising family-owned businesses in all stages of their life cycle and from a variety of angles, from formation, to raising capital, to acquiring or divesting business divisions, to liquidation and winding up. He also devotes his time to practicing in the employee ownership space, where he has represented both ESOP trustees and worker-owned cooperatives in their organization, purchase, and sale of businesses of all sizes. Dan has also assisted Glenn Morrical in legislative drafting through the Corporation Law Committee of the Ohio State Bar Association.
Glenn holds a BS in Economics from Clemson University and a JD from Case Western Reserve University School of Law.
Jayne Juvan chairs both the Mergers & Acquisitions and Securities & Capital Markets practice groups at Tucker Ellis LLP, where she is a partner. She is also a member of the board of directors of Mace Security International (OTCQX: MACE), a manufacturer of personal safety and security products such as the widely recognized Mace Pepper Spray.
Jayne advises investors, boards of directors, and management teams on corporate transactions, regulatory compliance, and fiduciary duties. She counsels public and high-growth private companies, private equity firms, and venture capital firms from initial formation through all stages of the business life cycle.
Jayne frequently can be found in the boardroom with directors as they make highly impactful, potentially transformative, and confidential decisions. She is often tapped to assist corporate boards to maximize effectiveness and institute best practices. As the former co-chair of the American Bar Association's Task Force on Director Misconduct, she is regularly called upon to advise corporate boards during their most challenging situations. She has also assisted activist shareholders in engaging with the board and management of struggling public companies.
Virtual (in-person for students only)