Washington’s new Limited Liability Company Act became effective on January 1, 2016. The new Act introduces several changes to the previous laws that LLC managers and members should be aware of as we begin 2016. This update provides a short summary of some of those changes and potential action items that our clients may wish to consider.
- Limited liability company agreements may be oral or implied.
While previously most LLC agreements had to be in writing to be enforceable, the new Act recognizes oral and implied LLC agreements and amendments to existing LLC agreements. For example, imagine that Alan and Barbara form an LLC without a written LLC agreement, with Alan holding 60% of the membership interests and Barbara 40%.
Please see full publication below for more information.
