Recent Posts in LLC Category

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LLC Tax Reminders

By: Tamara B. Pow, Esq. As many of you are aware, annual fees for California limited liability companies were due June 15 th. So here are a few pointers to keep in mind as you are filing forms and ...
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LLC Alert! Updated LLC Forms

By: Tamara B. Pow, Esq. The Secretary of State recently updated some of their LLC forms for the second time in several months. They were last updated in July of 2016 and were revised again for 2017. ...
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What Should LLC Managers Get Paid?

By: Tamara B. Pow, Esq. A question I am frequently asked by LLC owners how LLC managers should get paid? A limited liability company operating agreement should clearly outline payments to both ...
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Consider Carefully the Powers Granted to LLC Managers!

By: Tamara B. Pow, Esq. When starting an LLC, carefully consider the powers granted to an LLC manager. Your operating agreement should have customized provisions regarding what the manager(s) can and ...
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Electing and Removing LLC Managers - What You Need to Know

By: Tamara Pow, Esq. Beware of LLC Managers that can’t be removed! As a business attorney, I work with many LLCs in San Jose and the Bay Area. Some of those have had to remove their LLC manager ...
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Should your LLC be Member Managed or Manager Managed? Don't take this critical decision lightly.

By: Tamara Pow, Esq. One of the first decisions you have to make when you decide to form a limited liability company is whether the company will be managed by the members or by one or more managers. ...
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California Conforms to New Tax Due Dates - Update your Agreements!

By: Tamara B. Pow, Esq. On December 8, 2015 I published a blog about new federal partnership tax return filing deadlines. At that time, the IRS had just announced that partnership and S corporation ...
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LLC Operating Agreements - Failure to Contribute, Part II

By: Tamara B. Pow, Esq. What do you do if your LLC needs capital and a Member fails to contribute their share? The question of “What if the Company needs more money?” was addressed in Part ...
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LLC Operating Agreements - Failure to Contribute, Part I

By: Tamara B. Pow, Esq. Don’t get caught with an underfunded LLC. Plan ahead in your LLC Operating Agreement. The question of “What if the Company needs more money?” is often not ...
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Limitations on Deductibility of LLC Member's Share of Losses

By: Tamara B. Pow Will you be denied a deduction for your share of LLC losses? You may have pass through losses from your LLC membership interes t, but that does not mean you can deduct them against ...
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LLC Alert: New FTB Ruling Regarding LLC Fee For Sale of Real Estate Inventory

By: Tamara B. Pow Are you calculating the LLC fee correctly for an LLC’s sale of real estate? The Franchise Tax Board just released FTB Legal Ruling 2016-01 (July 14, 2016) regarding the ...
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LLC ALERT: New California LLC Forms!

By: Tamara Pow The Secretary of State is revising LLC forms again. Back in May, I wrote that the Secretary of State does not revise its forms often, but when it does, it is critical that business ...
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New California LLC Statement of Information Forms - Don't be caught unaware!

By: Tamara B. Pow Will your LLC be suspended for failure to file the Statement of Information because you use an outdated form? In May of 2016 the California Secretary of State published a new form of ...
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Beware of an Inadvertent Tax Termination of Your LLC

By: Tamara Pow A limited liability company (“LLC”) can terminate for tax purposes even though it has not been dissolved with the California Secretary of State, resulting in potential tax ...
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LLC Owners - Don't forget to pay your LLC's 2016 gross receipts fee by June 15!

By: Tamara B. Pow Even though we are not even halfway through the year, it is already time to pay your LLC gross receipts fee. LLCs classified as partnerships or disregarded entities are required to ...
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Make Sure You Understand Pass Through Entities Before Forming a Limited Liability Company

By: Tamara Pow One of the major considerations in determining the right entity for a business is how it is taxed. There are major differences in the taxation of owners in corporations that pay their ...
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Beware - Your Gift of LLC Interests to a Family Member May Be Disallowed

By: Tamara Pow Your gift or sale of an LLC interest to a family member may be disallowed for tax purposes. If you are gifting or selling a limited liability company (“LLC”) interest to a ...
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The Basics of Basis: Ten Things All LLC Members Should Understand About Basis

By: Tamara Pow Limited Liability Companies (LLCs) are complex entities for tax purposes. Generally, for LLCs choosing to be taxed as a partnership, the taxation of independent members depends on the ...
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You Must Understand Taxation of Member Contributions to an LLC to Anticipate Tax Considerations for the LLC

By: Tamara Pow In two of my previous blogs I have discussed the individual tax consequences to members when they make contributions to an LLC taxed as a partnership or contributions to an LLC taxed as ...
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Is My LLC in Danger of Being Suspended?

By: Tamara Pow I was recently training a new attorney at my law firm. We were discussing some of the things to look for when reviewing a commercial real estate lease or any business contract where one ...
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Don't Form an LLC to do Business in California Without First Understanding California LLC Taxes

By: Tamara Pow Before you form a limited liability company to do business in California, make sure you understand the California LLC taxes. Both limited liability companies (“LLCs”) formed ...
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Beware of Taxes as a Result of Your Contribution to an LLC - Considerations for LLCs Taxed as a Corporation

By: Tamara Pow In my last blog I discussed the tax considerations members of a limited liability company (“LLC”) may face when they make contributions to an LLC that is taxed as a ...
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Beware Of Income Taxes On Member Contributions To An LLC Taxed As A Partnership

By: Tamara Pow Before you make a contribution to an LLC in exchange for a membership interest, beware that some member contributions to LLCs are taxable. For a limited liabilty company ...
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LLC Members - Ignoring Self-Employment Taxes When Choosing Your Business Entity Can Be A Costly Mistake

By: Tamara Pow In addition to income tax considerations on forming a limited liability company (“LLC”) in California and making contributions to the LLC, potential LLC members should keep ...
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Using LLCs For Estate Planning

By: Tamara Pow Although I do not practice estate planning law, as a limited liability company lawyer (“LLC lawyer”) in San Jose, I have worked with estate planning attorneys to form many ...
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