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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.

  • October 24, 2024
  • Blog

Unveiling the Truth: What the National Public Data Hack Reveals About Cybersecurity Risks

In one of the largest data breaches to date, the cybercriminal group USDoD targeted National Public Data ("NPD"), a background check provider and data broker. The breach compromised an estimated 2.9 billion records containing personal information such as social security numbers, addresses, and details about relatives spanning over two decades....

Meet Pete Potente

We were lucky to catch up with Pete Potente recently and have shared our conversation below. Hi Pete, thanks for joining us today. We’d love to go back in time and hear the story of how you came up with the name of your brand? The name of my firm...