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<body lang="EN-US" link="blue" vlink="purple" style="word-wrap:break-word">
<div class="WordSection1">
<p class="MsoNormal">Hi, Phil.<o:p></o:p></p>
<p class="MsoNormal">Those are some excellent observations, I will use them. Thanks for the helpful analysis.<o:p></o:p></p>
<p class="MsoNormal">Dave Culbertson<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<div>
<div style="border:none;border-top:solid #E1E1E1 1.0pt;padding:3.0pt 0in 0in 0in">
<p class="MsoNormal" style="margin-bottom:0in"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif"> wsbapt-bounces@lists.wsbarppt.com <wsbapt-bounces@lists.wsbarppt.com>
<b>On Behalf Of </b>Philip N. Jones<br>
<b>Sent:</b> Friday, January 27, 2023 2:53 PM<br>
<b>To:</b> WSBA Probate & Trust Listserv <wsbapt@lists.wsbarppt.com><br>
<b>Subject:</b> Re: [WSBAPT] Using LLCs for a Joint Venture<o:p></o:p></span></p>
</div>
</div>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal"><span style="font-size:14.0pt"><o:p> </o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt">A joint venture is simply a version of a partnership.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt">Perhaps the best approach would be (as you suggest) two LLCs owning a third LLC.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt">My best guess is that the two single-member LLCs would not need to file separate income tax returns (they would use the respective social security number of their owner), but because the third LLC is not single-member
it would need to get an EIN and file its own income tax returns.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt">And I think that (unlike the single-member LLCs) the third LLC (the two-member LLC) would definitely need an operating agreement, particularly with respect to what happens if they decide to split up.<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt">Phil Jones<o:p></o:p></span></p>
<p class="MsoNormal"><span style="font-size:14.0pt"><o:p> </o:p></span></p>
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<p class="MsoNormal" style="margin-bottom:0in"><span style="font-size:14.0pt">Philip N. Jones<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:0in"><span style="font-size:14.0pt">Duffy Kekel LLP<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:0in"><span style="font-size:14.0pt">900 S.W. Fifth Ave. Suite 2500<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:0in"><span style="font-size:14.0pt">Portland, OR 97204<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:0in"><span style="font-size:14.0pt"><a href="mailto:pjones@duffykekel.com"><span style="color:#0563C1">pjones@duffykekel.com</span></a><o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:0in"><span style="font-size:14.0pt">(503) 226-1371 – office<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:0in"><span style="font-size:14.0pt">(503) 853-1482 – cell<o:p></o:p></span></p>
<p class="MsoNormal" style="margin-bottom:0in"><span style="font-size:14.0pt">(503) 226-3574 - fax<o:p></o:p></span></p>
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<p class="MsoNormal"><span style="font-size:14.0pt"><o:p> </o:p></span></p>
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<p class="MsoNormal" style="margin-bottom:0in"><b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">From:</span></b><span style="font-size:11.0pt;font-family:"Calibri",sans-serif">
<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a> <<a href="mailto:wsbapt-bounces@lists.wsbarppt.com">wsbapt-bounces@lists.wsbarppt.com</a>>
<b>On Behalf Of </b>Dave Culbertson<br>
<b>Sent:</b> Friday, January 27, 2023 2:18 PM<br>
<b>To:</b> <a href="mailto:solo-and-small-practice-section@list.wsba.org">solo-and-small-practice-section@list.wsba.org</a>;
<a href="mailto:creditor-debtor-section@list.wsba.org">creditor-debtor-section@list.wsba.org</a>;
<a href="mailto:wsbapt@lists.wsbarppt.com">wsbapt@lists.wsbarppt.com</a>; <a href="mailto:wsbarp@lists.wsbarppt.com">
wsbarp@lists.wsbarppt.com</a><br>
<b>Subject:</b> [WSBAPT] Using LLC's for a Joint Venture<o:p></o:p></span></p>
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<p class="MsoNormal"><o:p> </o:p></p>
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<p class="MsoNormal" style="margin-bottom:0in">Hello, Listmates.<o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:0in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-bottom:0in">Two people are considering starting a service business doing landscaping and light remodeling, kind of on an experimental “see-how-it-goes” basis. Both have done so as sole-proprietorships. One party has already
set up an LLC, to try to begin providing more professional face to the world (but hasn’t used the LLC in any significant way yet).
<o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:0in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-bottom:0in">The two parties hope to join forces, see if working together works, and if it does they keep going. If it doesn’t, they decide to each keep working on their own separate businesses, without too much difficulty
in disentangling. <o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:0in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-bottom:0in">It occurs to me that maybe the best structure is for each to have an LLC, so that if they decide ultimately to go their separate ways, each has a business structure already in place. And then the LLC’s could engage
in a joint venture, or jointly own a third LLC that could be easily ended if the project doesn’t pan out.<o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:0in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-bottom:0in">Only thing is, I don’t know much about joint ventures or “LLC owning an LLC” scenarios.<o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:0in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-bottom:0in">Any thoughts on this scenario, its benefits and its pitfallls would be welcome.<o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:0in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-bottom:0in">Thanks!<o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:0in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-bottom:0in">Best Regards,<o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:0in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-bottom:0in">Dave Culbertson<o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:0in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-bottom:0in"><b>The Law Office of Davisson Culbertson</b><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:0in">PO 20403<o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:0in">Seattle, WA 98102<o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:0in"><i><o:p> </o:p></i></p>
<p class="MsoNormal" style="margin-bottom:0in"><i>Phone: </i>(206) 478-8134<i><o:p></o:p></i></p>
<p class="MsoNormal" style="margin-bottom:0in"><i>FAX: </i>(866) 867-7796<i><o:p></o:p></i></p>
<p class="MsoNormal" style="margin-bottom:0in"><a href="mailto:dculbertson@culbertsonlawoffice.com" target="_blank"><i>dculbertson@culbertsonlawoffice.com</i></a><o:p></o:p></p>
<p class="MsoNormal" style="margin-bottom:0in"><o:p> </o:p></p>
<p class="MsoNormal" style="margin-bottom:0in"><span lang="ES"><o:p> </o:p></span></p>
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