When you combine a couple of LLCs into a new corporation, what kind of corporate stock do you issue to the LLCs’ members? This issue arises when LLCs are going to merge or when an LLC is going to “graduate” to C Corp status to accommodate outside investors. In a couple of deals we have handled recently, it took some time and thought to determine what the owners of each of 4 classes of LLC interests would get in shares of the “Newco” corporation. The solutions generally involve calculations of value in determining “how many” shares in Newco the members get – – that can be fairly easy to work through. But with questions of voting rights, preferences, conversion and management rights, the conversion project can be quite involved and occasionally tense. The trick is to keep the deal moving, make all the players feel included and complete the transaction so everyone can get back to work. But that can be hard. What do you think?