New LLC Statement of Information Form

Every two years, a California limited liability company must file a statement of information with the California Secretary of State. The same is true for  a limited liability company formed in another state but registered to do business in California. In the past, … Continue reading

Posted in Foreign LLC, Limited liability companies (LLC) | Tagged , | Comments Off on New LLC Statement of Information Form

LLC Annual Fee Clarified by Franchise Tax Board

A limited liability company (“LLC”) doing business in California (whether organized under California law or the law of another state) must pay an LLC annual fee on its “total income from all sources derived from or attributable to this state.” … Continue reading

Posted in Foreign LLC, Limited liability companies (LLC) | Tagged , , , | Comments Off on LLC Annual Fee Clarified by Franchise Tax Board

Don’t go to MyFTB.com. It’s not the official site.

To access your MyFTB account, go to the FTB’s website: www.ftb.ca.gov . Note that the word “my” is NOT part of the URL. MyFTB.com has been reported as a malware site.

Posted in Entity Law, Limited liability companies (LLC), S corporations | Tagged , | Comments Off on Don’t go to MyFTB.com. It’s not the official site.

Real Estate Withholding Credit for Pass-Through Entities

The California Franchise Tax Board (FTB) has recently published a reminder about credit for real-estate withholding. According to the FTB: Pass-through business entities that pass through their income, deductions, and credits to the owners must also pass through the real … Continue reading

Posted in Limited liability companies (LLC), Limited Partnerships, S corporations | Tagged , , , , , | Comments Off on Real Estate Withholding Credit for Pass-Through Entities

Perfected Security Interest Yields to Breach of Fiduciary Duty

If a party succeeds in perfecting a security interest in personal property by breaching a fiduciary duty, the security interest may be disregarded for the benefit of the person owed the fiduciary duty. In Feresi v. The Livery, LLC (2014) … Continue reading

Posted in Business Disputes, Limited liability companies (LLC) | Tagged , | Comments Off on Perfected Security Interest Yields to Breach of Fiduciary Duty

Out-of-State LLC Owning Property in California

Many California residents are members of LLCs formed under the law of other states (often referred to as “foreign LLCs”). California, being hungry for tax revenue, often tries to tax the LLC on the ground that it is doing business … Continue reading

Posted in Entity Law, Limited liability companies (LLC) | Comments Off on Out-of-State LLC Owning Property in California

Out-of-State Business Entity Doing Business in California

An out-of-state business entity is a corporation or limited liability company formed under the law of another state (say, Delaware or Nevada). An out-of-state entity is often referred to as a “foreign” corporation or as a “foreign” LLC. An out-of-state … Continue reading

Posted in Corporate Law, Entity Law, Limited liability companies (LLC) | Tagged , , , , , | Comments Off on Out-of-State Business Entity Doing Business in California

Refund of Late-Filing Penalty for Single-Member LLCs

For income tax purposes, a single-member limited liability company (SMLLC) is treated as a disregarded entity. That means that the income or loss of the entity is reported by an individual taxpayer on Schedule C of the taxpayer’s tax return. … Continue reading

Posted in Limited liability companies (LLC), Uncategorized | Comments Off on Refund of Late-Filing Penalty for Single-Member LLCs

Presentation Given to the Santa Cruz County Bar Association on the New LLC Act

On February 3, 2014, I gave a presentation to members of the Santa Cruz County Bar Association on the new limited liability company act and how it will affect their clients. I am pleased to report that the presentation was well … Continue reading

Posted in Limited liability companies (LLC), Uncategorized | Comments Off on Presentation Given to the Santa Cruz County Bar Association on the New LLC Act

Bar Talk on the New LLC Act

On Monday, February 3, 2014, I will be giving a continuing education seminar to lawyers on “California’s New LLC Act.” Anyone interested can register at the bar’s website: http://www.santacruzbar.org/ .

Posted in Limited liability companies (LLC), Uncategorized | Comments Off on Bar Talk on the New LLC Act