BLOG, NEWS & EVENTS

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.

California – Best Methods to Relocate your Corporation

In California, the taxes and regulations can be difficult to keep up with and there are many reasons why business owners would want to move their corporations out of state. There are a few different ways to move your corporation out of California, each with its own pros and cons....

  • April 24, 2024
  • Blog

California’s Workplace Prevention Plan Law BLOG POST

Beginning July 1, 2024, SB 553 will take effect requiring California employers to establish, implement, and maintain a workplace violence prevention plan. Under SB 533, workplace violence is broadly defined as any act of violence or threat of violence in the place of employment. Implementing a workplace violence prevention plan...