White Paper

Charging Order Landmines

 
The “Charging Orders” topic focuses on a judgment lien against a member, to the extent that the operating agreement provides that the member’s debt cannot be satisfied from the member’s interest in the LLC. The judgment creditor will have to satisfy themselves with a charging order which limits the creditor to any distribution made by the LLC to that member or the foreclosure of the charging order to reach the member debtor’s assignable company interest.

LLC Veil Piercing focuses on a judgment lien against the LLC. The LLC’s property is seized or sold in payment (same as a corporation) with the result that the judgment is not fully satisfied. In this case, the judgment creditor forces collection against the LLC members personally by piercing the LLC veil to obtain personal liability of the members to satisfy the judgment.

Jeffrey M. Grieff is Of Counsel at Miller Nash Graham & Dunn LLP in Seattle, Washington. His practice emphasizes all aspects of representing individuals, professionals, and closely held companies in the selection, formation and governance of closely held entities, operating matters and transactional matters. Mr. Grieff conducts regular seminars and workshops on the selection, formation, governance and operation of limited liability companies, corporations, and non-profit/exempt organizations. He wrote several publications and presentations related to the entity formation of corporations (S and C types), professional service corporations, limited liability companies, professional limited liability companies, general partnerships, limited liability partnerships, nonprofit corporations, and exempt organizations.

Agenda

Faculty

Jeffrey M. Grieff

Jeffrey M. Grieff

Miller Nash Graham & Dunn LLP

  • Shareholder in Jeffrey M. Grieff, P.S., and Counsel to the law firm Miller Nash Graham & Dunn LLP in Seattle, Washington
  • Practice is focused on representing individuals, professionals, closely held companies, nonprofit entities in formation, governance, compliance and general business matters
  • Specifically, he advises clients on entity formation of corporations (“S” & “C” types) professional service corporations, limited liability companies, professional limited liability companies, general partnerships, limited liability partnerships, nonprofit corporations and nonprofit limited liability companies, the Application for Recognition of Exemption (Forms 1023 and 1024), and IRC Section 501(c) Exempt Organizations compliance
  • Also works closely with clients on operating and governance issues including state and federal compliance with rules, administrative codes, regulation and interpretation issues
  • Has extensive experience and expertise representing medical and legal professionals, and frequently counsels clients on specific issues that occur in professional organizations
  • Volunteers with the Washington State Bar Association’s Law Office Management Assistance Program (LOMAP), counseling lawyers on selecting and forming the proper entity for lawyers and law firms, as well as explaining the tax ramifications of the entity choice
  • Member of the Washington State Bar Association (Business Law Section and Real Property, Probate and Trust Section) and the American Bar Association (Business Law Section and Real Property, Trust and Estate Law Section); also a member of the Society of Trust and Estate Practitioners
  • Has been a presenter in numerous programs for lawyers and CPAs
  • J.D. degree, University of Puget Sound; B.A. degree in business, University of Washington
  • Detailed biographical information can be viewed at www.millernash.com

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