Mergers, Acquisitions and Restructuring of Closely Held Businesses, Part Three



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Credit Details
Credit Hours:
Specialty Area:
Taxation Law
Credit Type:
Original Air Date:
May 24, 2023
Accredited In:

You may be able to self apply for credits in states not listed. BHBA provides CLE accreditation as described above. 

About the Program

The presentation will cover selected tax and non-tax consequences and issues related to various transactions involving buying, selling and restructuring limited liability companies (LLCs) and partnerships taxed as partnerships for Federal and California income tax purposes. Those transactions include (i) a contribution of assets to a partnership, (ii) a sale of assets of a partnership, (iii) the sale of partnership interests to a third party and another partner, (iv) the liquidation of a partnership with in-kind distributions, (v) the conversion of a general partnership to an LLC, (vi) the conversion of a partnership to a corporation, (vii) a merger of a partnership with another partnership, and (viii) a division of one partnership into two partnerships. The discussion is intended to focus more on big picture issues rather than detailed partnership tax rules.

Meet the Speakers
Phil Jelsma
Phil Jelsma


Partner CGS3 Law

With over 30 years of experience in structuring sophisticated real estate and business transactions, Phil brings to CGS3 a deep knowledge of real estate exchanges, syndications, nonprofit corporations and international tax planning. His practice focuses on limited liability company (LLC) and partnership business and tax planning, with an emphasis on real estate and nonprofit corporations. He often structures tax-free exchanges under Code Section 1031 and Opportunity Zone transactions.

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Layton L. Pace
Layton L. Pace


Pace Law

After many years of practice with large, mid-size and local law firms in Beverly Hills, the South Bay of Los Angeles and the Pacific Northwest, Layton Pace opened his own law practice. He currently practices in the heart of downtown Hermosa Beach. Mr. Pace provides tax and tax-related legal advice to sophisticated business and real estate clients, fiduciaries, and law and accounting firms of various sizes with complex transactions, structuring and tax controversy needs. Mr. Pace’s clients range throughout California, conduct a wide variety of business activities and include non-residents of the U.S. and California.

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