Limited Liability Company

Starting a new business?  Formalizing an existing business?

A California LLC generally offers liability protection which is similar to that of a corporation but it is taxed completely different.  Domestic California LLCs may be managed by one (1) or more managers or one or more members.  For an LLC, in addition to filing the applicable documents with the Secretary of State, an operating agreement among the members as to the affairs of the LLC and the conduct of its business is required.  The LLC does not need to file the operating agreement with the Secretary of State but must maintain it at the office where the LLCs records are kept.  It is important to note: an LLC also can choose to be taxed as a C-Corp or an S-Corp.  Sometimes, corporate tax status allows an LLC’s owners to minimize self-employment taxes or to deduct expenses that would not otherwise be deductible.

 

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