To protect your personal assets and avoid piercing of the corporate veil, limited liability companies need to: Create and regularly update an operating agreement. Issue membership certificates to owners. Maintain a membership transfer ledger. Hold both initial and then annual meetings of the members (and the managers, if your LLC is manager managed). Undertake annual…
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Requirements for Out of State Businesses Foreign New York LLCs have a $250 state filing fee, and require you list a name and address for the New York Secretary of State to send legal notices to. Foreign New York corporations have a $225 state filing fee, and must have a New York registered agent. When…
Read More >Section 206 of the New York State Limited Liability Company Law requires that anyone forming an LLC in New York State or registering an out-of-state LLC to do business in NY, must publish a notice of that formation or registration in two separate newspapers. The newspapers must be located in the same county where the…
Read More >To start an LLC in Texas, you must file a Certificate of Formation with the Texas Secretary of State. You can file the document online, by mail, or in person. The Certificate of Formation costs $300 to file. There is a small, extra fee if paid online. Once filed with the state, this document formally…
Read More >In 2024, small businesses will face a variety of regulatory changes. One significant update is the requirement to register with the Financial Crimes Enforcement Network (FinCEN) under the 2021 Corporate Transparency Act. This act targets shell companies and financial crimes, affecting businesses with fewer than 20 employees or less than $5 million in sales. Compliance…
Read More >Introduction In an era where transparency in corporate operations is increasingly under the microscope, the Corporate Transparency Act (CTA) represents a significant shift in the regulatory landscape. This legislation, a cornerstone in the fight against illicit activities, demands a closer look by businesses of all sizes. What is the Corporate Transparency Act? The Corporate Transparency…
Read More >The Texas legislature recently passed Senate Bill 3, a significant piece of legislation that has substantial implications for small businesses in the state. This bill alters the franchise tax requirements, providing both opportunities and challenges for businesses. Understanding the bill’s nuances is crucial for small business owners and stakeholders. What is a Franchise Tax? Before…
Read More >Real estate investment can be exciting, promising lucrative returns and financial security. However, for investors like Dave, the allure of investing in California’s booming real estate market can come with unexpected tax implications. Despite residing in Washington and having no direct ties to California, Dave found himself caught in the crosshairs of the California Franchise…
Read More >As tax season nears, many across the US prepare to file their taxes. Yet, the tax obligations for non-residents earning in California often go unnoticed. While residents file in their state, non-residents face complexities due to income from multiple states, particularly in California. Understanding California tax requirements is crucial for non-residents with income from the…
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