On May 7, Governor Jay Inslee signed into law major revisions to the provisions of the Revised Code of Washington concerning LLC’s or Limited Liability Companies. The revisions, contained in SSB 5030, were passed by the State Senate and State House in April.
Among other significant changes, the new statutes include a section which allows for oral and implied member operating agreements. Accordingly, the new law is likely to increase litigation as intra-company disputes have more ways to end up in court. Detailed review by an attorney of existing LLC agreements would make sense before the new laws take effect on January 1, 2016.