Understanding Family Trust Beneficiaries Family trust beneficiaries are individuals or organizations named in a trust to receive assets or financial support after the settlor (the person who creates the trust) passes away. In most cases, family members are named as beneficiaries to ensure loved ones are cared for and assets are distributed according to the…
If you own an LLC in California, you may be required to pay the $800 annual franchise tax—even if your business isn’t actively generating income. Understanding when and how this tax applies can help you avoid penalties and keep your business in good standing. How to Avoid Unnecessary Fees To stop paying the $800 annual…
Choosing the best address for your LLC is a crucial decision that affects privacy, compliance, and business credibility. Many entrepreneurs consider using their home address when forming an LLC, but is that the best option? Let’s explore the advantages, risks, and alternative solutions to help you determine the best address for your business. However, before…
Keeping accurate records of corporate decisions is crucial for compliance, transparency, and liability protection. Businesses must take meeting minutes regularly to document key actions, whether during board meetings, shareholder meetings, or committee discussions. While state laws and company bylaws determine the exact requirements, here are some general guidelines. How Often Should You Take Meeting Minutes…
While meeting minutes do not need to be filed with the state, they should be stored securely alongside other essential corporate documents, such as: How Long Should Meeting Minutes Be Kept? Like other corporate records, meeting minutes should be retained for at least seven years. They form part of a company’s permanent records and may…
Businesses structured as corporations or limited liability companies (LLCs) must maintain accurate records of their compliance actions. One key requirement is documenting their annual general meeting (AGM), commonly known as the annual shareholder meeting. Who Needs to Hold an Annual Meeting? Most states require C corporations (including those taxed as S corporations) to hold an…
When a loved one passes away, navigating probate can feel overwhelming. Understanding who is responsible for handling probate matters is essential to ensuring a smooth process for managing the estate. Named Executors in a Will If the deceased had a will, the person named as the executor is responsible for handling probate matters. The executor…
A significant change is coming for Homeowners Associations (HOAs) in 2025 with the implementation of AB 2159. This new law introduces the option for HOAs to use electronic voting for electing or removing directors or amending governing documents. However, electronic voting remains prohibited for other purposes, such as authorizing special assessments. Key Changes Under AB…