California Lawyers Association

Business Law Partnerships and Limited Companies Committee

Updates from the BLS Partnerships and Limited Companies Committee

In my practice I have noted, what appears to me, an upswing in persons requesting Limited Liability Companies (LLC) filings with the State.  Read more
The LLC, or Limited Liability Company, is a unique business entity that has many financial and social benefits. Falling somewhere between a general partnership and a more formal corporation, the LLC creates a layer of protection for individual members and offers great tax incentives. Read more
An IRA/LLC is an investment structure whereby an IRA invests capital into a newly created limited liability company (‚ÄúLLC‚ÄĚ). The IRA owns the LLC units just like your IRA can own Coca-Cola corporation stock. Read more
In one of the first cases decided under the California Revised Uniform Limited Liability Act, the Second Appellate District of the Court of Appeal upheld a 27% discount in the purchase of a minority interest of the LLC to halt an action for dissolution. Read more
Consider the situation where Chris is the sole member of Apartment LLC, a disregarded entity for tax purposes. Read more
Without a lot of fanfare, the California legislature enacted legislation to exempt limited liability companies, limited partnerships and limited liability partnerships from California’s annual minimum franchise tax in the entity’s first year of existence. Read more
California has joined the ranks of states who have developed a way to circumvent the $10,000 federal deduction limitation state and local taxes (known as SALT) limitation with the enactment of A.B.150 recently signed by Governor Gavin Newsom. Read more
This piece focuses on a pitfall that can surprise taxpayers who receive rollover equity. Read more
It’s common for business owners, especially ones that are operating on a budget, to offer equity in exchange for a number of services/goods including for legal work, to accountants, vendors, IT people, among others. However, equity in a company is a business’s greatest asset. Read more
It is common that an individual will transfer real property to an LLC either to pursue asset protection or to achieve estate and gift planning. Read more

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