Major changes are coming to Washington’s law on limited liability companies. Attorneys representing LLCs should be aware of these changes. But so should anyone who owns a membership interest in an LLC. The state legislature approved the changes in the 2015 session. The changes take effect January 1, 2016. And the changes are significant. Here are just a few of the more important revisions:
Oral LLC Operating Agreements. Washington’s LLC statute contains default provisions that govern the operation of an LLC. Those default provisions can… Continue reading
Many businesses are set up as corporations or limited liability companies (LLCs). The main legal reason for operating a business as a corporation or an LLC is simple. These types of business entities shield the owners of the business from liabilities incurred by the business. Meaning, the owners are generally not responsible for the debts of the business. This limited liability makes organizing a business as a corporation or LLC attractive.
However, the legal shield from liability can be lost if certain requirements are… Continue reading