SB 5721-S - DIGEST

(DIGEST OF PROPOSED 1ST SUBSTITUTE)

     Revises RCW 51.12.020 to exclude members of a limited liability company, if either:  (1) Management of the company is vested in its members and the members for whom exemption is sought would qualify for exemption under this act if the company was a sole proprietorship or partnership; or

     (2) management of the company is vested in one or more managers, and the members for whom exemption is sought are managers who would qualify for exemption under this act if the company was a corporation.