New LLC Act. During the 2015 session, the Washington Legislature
passed a new LLC Act, based on the bill drafted by the Partnership
and LLC Law Committee and approved by the Executive Committee of
the Business Law Section. The new Act has a delayed effective date
of January 1, 2016. The legislation comprehensively revises and
updates the existing LLC Act first enacted in 1994. For a summary
of the principal changes effected by the new Act, as well as the
text of the legislation and a comparison of the existing and new
Acts, click here.
- New Social Purpose Corporation
Act. In March 2012, the Governor signed into law a bill creating a new kind of business
entity in Washington State: the Social Purpose Corporation.
The law amends RCW 23B by creating a new chapter 23B.25. Social purpose corporations are for-profit corporations, but with greater flexibility
to balance profitability with advancing a broader social mission.
The legislation was proposed by the Corporate Act Revision
Committee, with the endorsement of the Business Law Section
on the 2012 Legislative Session (February 2012)
- Securities Committee sends
letter to U.S. Senate Banking Committee opposing proposed changes
to Regulation D. In
March 2010, the Securities Committee, with the endorsement of the
Executive Committee, sent a letter to Senator Dodd and the Senate
Banking Committee expressing the Section’s opposition to provisions
in the proposed financial reform legislation that would, in the
Committee’s view, undermine federal preemption with respect to
Rule 506 offerings. The Committee’s letter expressed the concern
that such a change would be a significant impediment to the ability
of companies in Washington to raise capital.
- Young Lawyers Event. On March 5, 2009, the Business
Law Section hosted a very successful seminar and networking opportunity
for young lawyers. The program was organized by Eric Koester and
held at the offices of Davis Wright Tremaine. The event, which
limited to 100 attendees, was oversubscribed. A second event,
attracting over 110 participants, was held in March 2010 at the
offices of Dorsey & Whitney in Seattle. Seminar Materials
- Outstanding Young Lawyer. The Section's Eric Koester was recognized as the Outstanding Young Lawyer of
the Year (2010) by the Young Lawyers Division of the Washington
State Bar Association. The WSBA also nominated Eric for the
Lawyer of the Year award.
- WAAC0 Contribution - With a $10,000 contribution
to WAACO in fiscal 2007 and 2008, the Business Law Section continued
its annual financial support begun in 2004 to assist in the operation
of this innovative program. Washington
Attorneys Assisting Community Organizations (WAACO) is a state-wide
organization that matches volunteer attorneys with charitable and
community-based non-profit organizations that are in need of business-
related legal services. 2008
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