Limited Liability Companies
A California Limited Liability Company (LLC) is an unincorporated business whose members do not generally have personal liability for the debts of the business. The LLC form of business is often used in property ownership and real estate development, with each development, office or commercial building or independent complex standing alone as a separate individual LLC.
Either before or after filing Articles of Organization with the California Secretary of State, all members of the LLC generally enter into an Operating Agreement. Although such an agreement may be oral, we strongly recommend that the agreement be in writing. Like a partnership, the California LLC is not subject to California or federal income tax. An LLC must file a Statement of Information with the California Secretary of State within 90 days after filing the Articles of Organization. A California LLC must pay an annual franchise tax fee to the State of California.
Porter Law Group regularly assists in the formation of LLCs. Contact us today – we will evaluate your business and personal needs, and advise you in choosing the business structure suitable to your situation.