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Posts tagged "Limited Liability Company"

Updated Default LLC Dissolution Statute Becomes Effective Jan. 1, 2017

Earlier this summer, an important piece of legislation that affects numerous businesses was signed into law. Pertinently, Assembly Bill 1722 was signed into law by California Governor Jerry Brown on July 22, 2016 and becomes effective January 1, 2017.

Why does a single-member LLC need an operating agreement?

One question we commonly receive from small business clients is, "Why does my single-member limited liability company (LLC) need an operating agreement?" To answer this question, we will briefly take a look at the California Revised Uniform Limited Liability Company Act ("RULLCA"), then address possible reasons why an operating agreement may be beneficial.

Steps foreign investors must take when purchasing real estate

 In a prior post, we noted how foreign real estate investment was likely to increase in 2016 because market for commercial properties was such that opportunities would be difficult to pass up. This, combined with Congress relaxing tax requirements for foreign investors would likely spur additional interest in markets where redevelopment projects are poised to generate a new round of wealth.

What's the difference between a member-managed and manager-managed LLC?

California limited liability companies (LLCs) are governed by the California Revised Uniform Limited Liability Company Act (RULLCA). Under RULLCA, LLCs may be managed either by all of the members ("member-managed") or by one or more managers ("manager-managed"). As a default rule under RULLCA, the LLC is managed by all of its members unless the articles of organization and operating agreement provide otherwise. Corp. Code ยง 17704.07(a). Thus, we must ask "In practice, how do these two management types function?"

Reminder: Legal Fees May Be Deductible for Tax Purposes

In honor of tax season, we wanted to remind our business clients that some legal fees may be deductible for tax purposes. Regardless of your entity type (e.g., corporation, limited liability company or partnership), we encourage all of our business clients to visit a local Certified Public Accountant (CPA) to discuss their unique tax situation and determine if any legal fees are deductible under state and federal tax laws.

Part Two: What is the difference between a partnership, LLC, and corporation?

In Part 2 of this week's blog series discussing the differences between business entity structures, we will be examining one of the most popular forms of business entities - a limited liability company.

Choice of Business Entity Blog Series, Part 3: Legal Requirements

In the third and final installment of our three-part blog series on choice of business entity, we will examine how the different legal requirements of the business entity may affect your operations going forward.

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Loftin | Bedell P.C.

Loftin | Bedell P.C.
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Carlsbad, California 92009

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