Archive For: Business & Real Estate Law
Do You Qualify For Chapter 13 Bankruptcy In Washington State?
By: Washington State Business and Bankruptcy Lawyer Jonathan P. McQuade
Typically, a person files for Chapter 13 if he or she has too much equity in their home, or if his or her monthly income is too high to qualify for a Chapter 7 liquidation bankruptcy. Further, and unlike a Chapter 7 liquidation bankruptcy, a person can stop a home foreclosure and cure delinquent mortgage payments over time. Only individuals may file for Chapter 13 protection; corporations, LLCs, and other entities may not file for Chapter 13 protection. When you file for Chapter 13 bankruptcy, you set forth a plan to repay all or part of your debts. If your current
Deadlock In LLCs
By: Washington State Business and Real Estate Lawyer David Tingstad
The IRS estimates that 25% of all LLCs consist of two members. Care should be taken to draft an LLC Agreement to avoid a deadlock between the members or managers. In Washington, our new default rule for voting of members is on a per member basis regardless of how much capital a member contributes. As a result, in the absence of an agreement to the contrary, a deadlock can arise in any situation where there is an even number of members. A deadlock between the members usually results in significant damage to the business of the LLC and can lead
Why You Should Not Put Your Primary Residence In An LLC In Washington State
By: Washington State Business and Real Estate Lawyer David Tingstad
In my earlier blog posting, titled “Should you put your primary residence in an LLC?”, I discussed my opinion that one of the rationales for not transferring your principal residence into an LLC was a likelihood that the homestead exemption would not apply. By statute, a “homestead” provides an exemption from creditors for up to $125,000 of equity in a property. On August 15, 2016, Division One of Washington's Court of Appeals, for the first time, the court ruled that a homestead exemption does not apply to property owned by an LLC. In Performance Construction, LLC v. Glenn, the Court
New Washington Real Estate Excise Tax Inheritance Exemption
By: Washington State Estate Planning and Real Estate Lawyer Per E. Oscarsson
The state of Washington imposes a real estate excise tax on transfers of real estate, but exemptions from the tax are available for certain types of transfers. One exemption has been for distributions from the estate of a deceased person to a will beneficiary when the estate involves probate of a last will and testament or to an heir when there is an “intestate” estate (where no will is involved). To receive the exemption, documentation in the form of a certified copy of Letters Testamentary or Letters of Administration had to be presented to the county when the deed was
David C. Tingstad Presents New LLC Regulations At 2016 Senior Lawyers Section Conference CLE
By: Washington State Business and Real Estate Lawyer David C. Tingstad
Beresford Booth partner David C. Tingstad presented "LLC Updates -- New LLC Regulations that took effect January 2016" at Washington State Bar Assocation's Senior Lawyers Section Conference CLE Event titled "The Changing Landscape 2016." The event took place on May 6th 2016 and featured speakers on: Bias in the justice system Title IX and Sex Discrimination Technology and office management Ethics of social media Updates from the WA Supreme Court Ethics Rules as applied to estate planning, probate and guardianship Communicating between generations LLC Updates -- New LLC regulations that took effect January, 2016 The role of
David C. Tingstad To Present At The New Washington LLC Act CLE Event
By: Washington State Business and Real Estate Lawyer David C. Tingstad
The New Washington LLC Act is presented in partnership with the WSBA Business Law Section on Tuesday, January 26, 2016, at The WSBA Conference Center in Seattle, WA. Are you up to speed on the significant changes to the law governing Washington LLCs under the new LLC Act, effective January 1, 2016? Did you know, for example, that LLC member or operating agreements are no longer required to be in writing? To understand all the changes and their implications for current and future managers and members of Washington LLCs — as well as for anyone doing business with a Washington
Should I Buy A House With My Friend In Washington State?
By: Washington State Business and Real Estate Law Lawyer William O. Kessler
Real estate prices are continuing to climb in Seattle and many other parts of Washington. As a result, we are seeing buyers increasingly partner with friends and extended family to buy property together. Some are buying investment property, and some are even sharing a residence with their friends / co-buyers. Such arrangements can be very beneficial for all parties, both financially and from a personal-relationship standpoint. But unless the friends go into the purchase with a clear written agreement, co-ownership often causes strained or broken relationships, and even litigation. Therefore, it is absolutely critical for these buyers to address certain
David C. Tingstad’s Article On WA State’s New LLC Act Published In ABA Reporter
By: Washington State Business and Real Estate Lawyer David C. Tingstad
Beresford Booth managing partner David C. Tingstad recently had his article on Washington State's new LLC Act published in the American Bar Association's (ABA's) LLC & Partnership Reporter November 2015 edition. Here is the full text of David's article: After initially considering the Uniform Law Commission’s Revised Uniform Limited Liability Company Act (“RULLCA”), Washington's Partnership and LLC Act Committee decided against adoption of RULLCA. The result is a complete replacement of Washington's LLC Act (the “New Act”). The current version of the LLC Act was initially passed in 1994. Washington's Senate and House passed the New Act by unanimous votes. The
David C. Tingstad To Present On LLC Formation As Part Of ABA Panel
By: Washington State Business and Real Estate Lawyer David C. Tingstad
Beresford Booth managing partner David C. Tingstad will contribute to a webinar panel organized by the American Bar Association on Thursday, June 25, 2015. The panel will be a 90-minute course detailing the “World’s Best LLC Checklist,” originally written by several of the panelists to ensure that LLCs fit the parties’ needs and legal requirements. David’s experience with the intricacies of forming an LLC in Washington State will play a key role in this discussion of how practitioners can draft comprehensive legal agreements. He is joined on the panel by professors and practicing attorneys from across the country: Christina Houston