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Latest Blog Posts

What You Need to Know About the FLLC

Posted on: April 10th, 2015
One popular yet confusing estate planning tool is the Family Limited Liability Company (“FLLC”). FLLCs are frequently created as part of an estate planning strategy used to facilitate gift giving to a person’s children and grandchildren. FLLCs are also used to shield assets from creditors....

Three Mistakes to Avoid When Planning the Succession of Your Business

Posted on: April 10th, 2015
Many small business owners are focused on running their business, rather than planning for its succession. By focusing only on the here and now, however, a business owner can set his or her business up for failure once it is time to relinquish control....

Basic Standards of Conduct for Partners in a Partnership and Members of an LLC

Posted on: April 10th, 2015
Statutorily Imposed Duties. State statutes provide that individuals associated with partnerships shall discharge his or her duties in good faith, with the care an ordinarily prudent person in the like position would exercise under similar circumstances and in a manner he or she reasonably believes to be in the best interests of the partnership....

Benefits of Single Member Limited Liability Companies

Posted on: April 10th, 2015
The limited liability company (LLC) form of entity is the appropriate form of conducting business for, many, if not most, sole proprietors. The primary reason for this is that this form of entity permits an individual to enjoy the benefits of limited liability and to continue to be taxed as a sole proprietor. Following is a brief summary of several factors we think should be considered by clients currently engaged in business as sole proprietors, a basic explanation of the LLC form of entity and a brief explanation of the process of forming an LLC....

What Is An LLC? Limited Liability Companies In General

Posted on: April 10th, 2015
What is a Limited Liability Company? Basically, a limited liability company (LLC) is a legal entity that became available under Washington law. An LLC is an unincorporated association that provides its members with the beneficial tax aspects of a partnership and the limited liability shareholders of a corporation enjoy. ...

Limited Liability: The Benefit of Conducting Business Operations as an LLC (Over Partnerships and Sole Proprietorships)

Posted on: April 10th, 2015
Sole proprietorships and partnerships can be simple forms of conducting business. The owners make all of the decisions relating to the business and are taxed on business income and loss as individuals, with no taxation at the entity level, as is the case with corporations. However, sole proprietors and individual partners in a partnership are personally responsible for the performance of all contracts and obligations of the business....
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Leonard A. Hagen, J.D., LL.M.
Sound Estate Planning, PLLC
152 3rd Ave. South, Ste. 107
Edmonds, WA 98020
Phone: (425) 967-7287

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