Season 3, Episode 5: LLC ESOPs? The Facts, Risks, and Possibilities

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Summary

It is common understanding that only C-corporations and S-corporations can sponsor Employee Stock Ownership Plans (ESOPs). But is this indeed the case? In this episode we speak with Mike Sorice about how LLCs can indeed sponsor an ESOP and the reasons why some have chosen this option. We talk about the differences between LLCs and other types of corporations, how LLCs can be structured to sponsor an ESOP, as well as the risks associated with doing so.

Guest Bios

Mike Sorice

Benesch

Mike currently works for Benesch where he provides business and management succession advice and guidance to middle-market business owners, including drafting business succession plans. He has conducted complex legal research and analysis related to federal, Ohio, local tax, commercial, and banking law. Mike has also provided corporate and partnership tax advice to business owners and in-house accounting departments about federal income tax, state and local income tax, sales taxes, and excise taxes; represented taxpayers before the Internal Revenue Service and Ohio Department of Taxation related to federal, state, and local tax obligations.

SPONSOR

This episode of the Owners At Work podcast is sponsored by Prairie Capital Advisors. Prairie Capital Advisors, itself an ESOP company, provides a full suite of services to middle-market companies, with a focus on ESOPs. Services include ESOP Sell-side and Trust-side advisory services, ESOP valuations, M&A, sustainability and Mature ESOP consulting.

About the Podcast

The Owners at Work Podcast is a continuation of the biannual Owners at Work Newsletter which ran for 19 years (1990-2019). We are hoping to continue the same conversations and focus on providing updates on everything employee ownership. We plan to interview practitioners with expertise in different facets of employee ownership, academics doing new and interesting research, and most importantly, individuals who have a personal experience with employee ownership, including current and former employee-owners, mid-level to C suite management, and selling owners.

We Want to talk to YOU!

We want to produce a show that engages with relevant questions and provides practical lessons and information. We want this podcast to include the voices of those who practice employee-ownership each and every day. To that end we want to hear from you! We want to highlight what you are doing, whether you are an employee-owned company, a practitioner, or researcher.

***Please reach out via email: oeoc@kent.edu

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