Most closely held business owners are not familiar with the process associated with buying or selling a business. The process is comprised of four general steps: conversation, letter of intent, definitive documentation and closing.

Conversation

The first step in the process is the initial conversation between the buyer and the seller.  A simple conversation can spark interest and help both sides become aware of the potential for a deal. Both sides are then responsible for acquiring the information necessary to understanding the business...Read More

The newly-passed Washington Uniform Common Interest Ownership Act (WUCIOA) will take effect on July 1 of this year. The WUCIOA is comprehensive and regulates the formation, management and termination of common interest communities (CICs). Covered communities include condominiums, plat communities, and cooperatives.

Application

The WUCIOA will apply to all CICs created after July 1, 2018 and allow for current communities to adopt its provisions. There is one important exception. Section 326 will control the budget process and subsequent ratification and will apply to all CICs regardless of the date of creation. This section will require specific...Read More

It may be your very own neighbor.  While many of us want to co-exist peacefully with our neighbors, you cannot always choose your neighbors, and they may have other goals in mind.  Conflicts between neighbors can arise in a variety of contexts, from tree cutting disputes to boundary disputes.  However, one of the most unsettling conflicts occurs when a neighbor trespasses onto your land and causes damage to your personal property.

Perhaps a neighbor damages your fence or knocks down your retaining wall.  Whatever the case, having a neighbor enter onto your land without your permission and...Read More

The lawyers can see it coming. By their nature, certain lawsuits are primed from the outset to cost the parties excessive money and time, regardless of the amount in controversy. A certain a piece of litigation might involve a technical or complex area of the law. It might require ongoing and frequent oversight of the discovery process. It might involve heavy pre-trial factual analysis, such as damages determined by an expert and/or a complicated CPA-generated accounting. Finally, some litigation might call for compliance with a litany of settlement requirements.

In cases like those, an often-underutilized solution is...Read More

A power of attorney gives powers to another party (commonly known as an agent or attorney in fact) to act on his or her behalf. A power of attorney essentially allows the agent to step into the shoes of the principal, and perform all acts a principal could perform in his or her own right. The scope of the power of attorney may include dealing with financial matters as well as health care decisions. It can be a useful tool when the principal is unable to manage his or her own affairs for any reason, such as travelling, hospitalization, or...Read More

Typically, creditors have little to no recourse when a debtor files for Chapter 7 or Chapter 13 bankruptcy. Unless the debtor has sufficient non-exempt assets to pay all of his creditors, or the debts are secured by homes, cars, or other tangible items, the debts will likely be discharged – i.e., wiped out – leaving creditors with little to no recovery on their debt.

In certain instances, however, debtors cannot discharge debts because of how debtors incurred the debt. If

1. The debt was obtained by false pretenses, false representation, or actual fraud; or
2. The debt...Read More

If you own real estate in the greater Seattle area, you may have view of Puget Sound, Lake Washington, another lake, or even a valley view. Either way, if you have a view, you likely want to protect it for your own enjoyment, and to preserve your property’s market value. Whether or not your view is already blocked, you may find yourself asking two main questions:
1. Can I make my neighbor cut his trees?
2. Can I prevent my neighbor from building higher?

Unless you have a recorded View Easement (aka View Covenant), your neighbor has no...Read More

The lawyers of Beresford Booth harness our expertise to maximize the benefit for our clients in any given situation. This can mean transforming a seemingly dire situation to a positive outcome. We enjoy creating efficient and successful outcomes. Recently, we had a client whose financial position was bleak. His wife had died, leaving property in his hands. He called Beresford Booth PLLC and we helped our client take control of the estate. We quickly realized that as part of the estate, our client and his wife owned a shared property with a partner. We established that...Read More

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...Read More

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...Read More