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…
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…
While the lifetime exemption considers the total amount of all gifts made throughout your lifetime or at the time of your death, another beneficial tax avoidance option may be used yearly and is available to you at all times. Because of the annual gift tax exemption, each taxpayer can provide taxable gifts to an unlimited…
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…
The opportunity to give large, tax-free gifts to your heirs may soon diminish. With significant gift tax changes coming in 2025, the current federal gift tax exemption is set to be drastically reduced. Ensure your wealth stays in the family by revisiting your estate plan now. Understanding Gift Tax Changes in 2025 The Tax Cuts…
What Is Medi-Cal Planning? Medi-Cal planning involves structuring, transferring, and managing assets to help individuals meet eligibility requirements for Medi-Cal benefits. Medi-Cal offers essential coverage for medical expenses, including prescription drugs, physical therapy, in-home care, and skilled nursing facilities. Without planning, these costs can quickly deplete a person’s savings, adding stress to an already challenging…