SB 392 was signed into law which means that effective soon, LLCs will be able to become licensed contractors in California.  This is great news for cooperatives/collectives that form as LLCs.

Existing law, the Contractors’ State License Law, provides for the licensure and regulation of contractors by the Contractors’ State License Board and authorizes the issuance of contractors’ licenses to individual owners, partnerships, and corporations, but not to limited liability companies. California Senate Bill 392 would allow contractors’ licenses to be issued to limited liability companies. [...]

For taxable years beginning on or after January 1, 2009, the California LLC gross receipts fee must be estimated and paid by the 15th day of the 6th month of the current taxable year. LLCs will use new form FTB 3536, Estimated Fee for LLCs, to remit the estimated fee. A new penalty in the [...]

Guest post by Cecily Jackson, Esq. In Garnett v. Commissioner, the U.S. Tax Court reversed a longstanding IRS practice of applying the Limited Partner (LP) passive loss deduction limitation to owners of Limited Liability Partnerships (LLPs) and Limited Liability Companies (LLCs). The Tax Court ruled that LLP and LLC owners that are legally permitted to [...]