Lawyer Publications
WEB SEMINAR: LIMITED LIABILITY COMPANIES: COMMON TRAPS TO AVOID – JANUARY 30, 2017
Find out how to ensure your LLC meets the requirements necessary to avoid these common pitfalls. Many persons responsible for the selection, formation, management, governance, and taxability of LLCs are not fully familiar with the most common LLC traps to avoid and how to plan to avoid them. This topic identifies common LLC traps to avoid, such as handling Charging Orders and formation traps. This material will also discuss LLC veil piercing mistakes, the problem with single-member LLCs, certain partnership taxation issues, and specific LLC Operating Agreement provisions regarding members, managers, management deadlock, member disputes, sale and transferability of membership interests, securities compliance, voting, and the authority of members and managers.
BEST ENTITY CHOICE FOR YOU
This presentation is a survey of choices of professional entities and a comparison of the consequences in the state of Washington. This presentation should be viewed only as a decisional starting point to provide an analytic framework based on Washington statutes and federal tax laws. Finally, the presentation covers what factors you should incorporate in your decision-making process.
BEST ENTITY CHOICE FOR YOU
This presentation is a survey of choices of professional entities and a comparison of the consequences in the state of Washington. This presentation should be viewed only as a decisional starting point to provide an analytic framework based on Washington statutes and federal tax laws. Finally, the presentation covers what factors you should incorporate in your decision-making process.
TOP LLC MISTAKES TO AVOID IN EVERYDAY BUSINESS PRACTICES
Sections 3 and 4 are related liability topics. Section 3 “Charging Orders” topic focuses on a judgment lien against a member, to the extent that the operating agreement provides that the member’s debt cannot be satisfied from the member’s interest in the limited liability company (LLC). The judgment creditor will have to satisfy themselves with a charging order which limits the creditor to any distribution made by the LLC to that member or the foreclosure of the charging order to reach the member debtor’s assignable company interest.
Section 4 “LLC Veil Piercing” focuses on a judgment lien against the LLC. The LLC’s property is seized or sold in payment (same as a corporation) with the result that the judgment is not fully satisfied. In this case, the judgment creditor forces collection against the LLC members personally by piercing the LLC veil to obtain personal liability of the members to satisfy the judgment.
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