News Category: Corporate & Business Law
Commercial Real Estate Disclosures in Washington: What Sellers Need to Know
In Washington, sellers of commercial property are required to complete and timely provide a buyer with a seller disclosure statement (commonly known as the Form 17 Comm) containing specific information about the property pursuant to RCW 64.06.013. The seller disclosure statement is required for all transactions with a few exceptions which include, without limitation, foreclosures,
Is There Anything My Neighborhood Can Do to Ban Short-Term Rentals?
In 2014, long before the pandemic spurred the proliferation of short-term residential home rentals like those offered through Airbnb and other services, the Washington Supreme Court in Wilkinson v. Chiwawa Community Associations addressed whether a homeowners’ association (“HOA”) exceeded its power to amend covenants when a simple majority of the homeowners voted to prohibit short-term
Judgment Collection: Using Charging Orders to Acquire LLC Membership Interests
Judgment creditors often encounter challenges when trying to collect a debt when a debtor’s assets are held in a limited liability company (LLC), as opposed to assets held directly in the debtor’s name. However, creditors have legal remedies available to address this situation. One useful remedy is a charging order, a legal tool codified under
Avoid the Estate Planning Exemption Cliff: Plan to Take Advantage of the Current Exemption Before it Expires
In an effort to provide Americans with various forms of tax relief, in 2017 Congress enacted the Tax Cuts and Jobs Act (“Tax Act”). This act provided tax reductions in many different categories, but one of the most significant was that it nearly doubled the Estate Tax and Lifetime Gifts Exemption (“Exemption”). However, these tax
Eight Things to Consider if You Want to Sell Your Business
Selling a business is a significant milestone. Whether you’re moving on to new ventures, retiring, or simply cashing in on your hard work, the process involves more than just finding a buyer and cashing a check. Selling your business is a complex process that requires careful planning, due diligence, and legal consideration. Here are a
What Does the Corporate Transparency Act Mean to Me and My Business?
***UPDATE: Per the U.S. Treasury Department announcement, FinCEN is now dead except for some limited foreign entity reporting. See post at FINCEN Filings Terminated for additional information.*** A few years ago, Congress passed the Corporate Transparency Act, 31 U.S.C. 5336 (“CTA”), which established certain required information filings with the U.S. Treasury Financial Crimes Enforcement Network
Interested in an Accessory Dwelling Unit in Washington State? Be Sure to Research the Regulations for Compliance
In recent years, the interest in Accessory Dwelling Units (ADUs) has grown exponentially in response to housing shortages and affordability issues. The regulatory landscape for ADUs is dynamic and can be affected by changes at local, state, and/or federal levels. It is crucial for property owners and builders to be informed about the latest requirements
Business Obligations Under the Corporate Transparency Act: What You Need to Know
***UPDATE: Per the U.S. Treasury Department announcement, FinCEN is now dead except for some limited foreign entity reporting. See post at FINCEN Filings Terminated for additional information.*** The Corporate Transparency Act (CTA) was enacted to enhance corporate transparency and combat illicit activities such as money laundering and tax evasion. While the primary focus of the
Breaches of Fiduciary Duties in Closely Held Companies
In Washington State, closely held companies are those in which the ownership is concentrated among a small number of shareholders. These companies may also be family-owned or held by a group of individuals who have a relationship with one another beyond just being co-owners. While these companies may have a different dynamic than public corporations,
Legal Concerns of Real Estate in the Metaverse: Navigating the Virtual Frontier
The concept of the metaverse, a virtual world where users interact with digital environments and each other in immersive ways, has gained significant attention in recent years. With advancements in virtual reality (VR) and augmented reality (AR) technologies, the metaverse is becoming more accessible and has the potential to revolutionize various industries, including real estate.