[WSBARP] LLC termination of joint ownership form

Tue Mar 18 10:26:53 PDT 2014

Rick is right on as always – and also bear in mind there is potential real
estate excise tax on transfers of a controlling interest of the LLC
Membership interests when the entity holds real estate as a primary asset.
WAC 458-61A-101.

Sincerely,

Tom

Thomas J. Westbrook

Attorney at Law

Thomas J. Westbrook, PLLC

PO Box 1

Littlerock, WA 98556

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From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of Rick Hoss
Sent: Tuesday, March 18, 2014 9:52 AM
To: wsbarp at lists.wsbarppt.com
Subject: RE: [WSBARP] LLC termination of joint ownership form

From: wsbarp-owner at lists.wsbarppt.com
[mailto:wsbarp-owner at lists.wsbarppt.com] On Behalf Of Josh Grant
Sent: Monday, March 17, 2014 4:26 PM
To: wsbar real property
Subject: [WSBARP] LLC termination of joint ownership form

Hi  group.

I have a client who is holding land in a LLC.,  4 co-owners (family
members). If the land is held in the LLC then there are not 4 co-owners.
There are 4 members They want to terminate the joint ownership, (if it is
held by the LLC there is no joint ownership) leave 1/4th with one (and he
will continue to hold in an LLC) ; the rest will get their shares
(membership interests) as undivided owners –no, as members.   I think a
simple agreement will work, but I thought maybe someone will have a form
they used to save some time.  This is a basic operating and member
agreement for the llc. They will give their ownerhsip interest in the LLC
to the one and he, as managing member will distribute their shares out.

Look at the deed – if it is truly held by the llc then you already have
the mechanism in place. You need to work on a manager managed operating
agreement, with provisions for buying and selling, restrictions on picking
the members for liability concerns and a good mediation and arbitration
provision.

 Washington Practice has a good basic form.

Anyone have something similar?

thanks

Joshua F. Grant
Attorney at Law
P.O. Box 619
Wilbur, WA 99185

t 509 647 5578
f 509 647 2734

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All opinions and comments in this message represent the views of the
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Bar Association nor its officers or agents. 

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Information provided on this list should not be considered legal advice.
As with all lists - let the reader beware! No warranties or
representations are made as to the accuracy of any information provided.
All opinions and comments in this message represent the views of the
author and do not necessarily have the endorsement of the Washington State
Bar Association nor its officers or agents. 

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