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Annual Tax Fees Waived for New Business in California

  • August 11, 2022
  • Blog
Tax exemption

If you are interested in starting a Limited Liability Company in California, there is no time like the present. In an effort to welcome new businesses to the golden state, California Governor Gavin Newsome signed legislation in 2020 to exempt startups from paying the LLC franchise tax during their first year in business. Assembly Bill 85, exempts LLCs. LLPs, and LPs from paying the annual minimum franchise tax of $800 in their first taxable year. To qualify for this exemption, the entity must register, organize, or file with the secretary of state to do business in California between January 1, 2021, and December 31, 2023.

After receiving their initial exemption, the entity must begin to pay the $800 annual minimum franchise tax each year until it formally dissolves. Previously only corporations were exempt from paying the franchise tax in their first tax year.

NFT
  • September 29, 2022
  • Blog

The Rise and Fall of NFTs

Non-Fungible Tokens give proof of ownership of a digital object. NFTs have unique qualities that cannot be exchanged for others of the exact same type. NFTs are primarily centered around digital art, but can also include collectables, trading cards, event tickets, music, digital video clips, and virtual fashion. Although digital...

Comic Con
  • August 01, 2022
  • Blog

The Pros and Cons of Comic-Con

If you found yourself in downtown San Diego this past weekend, you may have encountered a variety of different people with costumes and extravagant props walking around. It does not come as a surprise for native San Diegans since Comic-Con takes place just down the street at the San Diego...