Anta Cissé-Green Examines Use of LLCs for Charitable Gifts in Law360 Article
Akin Gump senior counsel Anta Cissé-Green has written the article “LLCs: A New Horizon For Charitable Giving?” which was published by Law360.
The article, which first appeared on the AG Deal Diary blog, discusses Facebook CEO Mark Zuckerberg’s establishment of a limited liability corporation (LLC) to help facilitate his giving away to charity up to 99 percent of his shares in the company. Cissé-Green writes that while an LLC “is a flexible and practical approach to forming and managing a for-profit business, it may not be a viable approach to achieving philanthropic and charitable endeavors.”
Cissé-Green proceeds to examine two issues that arise from the use of an LLC for charitable purposes. The first, she writes, “relates to the federal tax law definitions of a gift.” While the second, “relates to the level of control that an owner has to manage and invest the assets of the LLC.” She concludes by noting that using an LLC in place of traditional charitable vehicles “has created new possibilities for high-net-worth individuals to make charitable gifts.”
To read the full article, please click here.