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…
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…
California Senate Bill (SB) 900 introduces significant changes to how Homeowners Associations (HOAs) handle maintenance, repairs, and funding related to utility interruptions. This new legislation amends Civil Code section 5550 and expands Civil Code section 4775, redefining the responsibilities and financial options for HOAs. Key Updates in SB 900 HOA Responsibilities for Utility Interruptions Under…
California’s Assembly Bill (AB) 2460 introduces critical updates to existing Homeowners Association (HOA) election laws. This new legislation modifies Civil Code section 5115 and Corporations Code section 7512, focusing on quorum requirements and notice periods for HOA member elections. Key Changes Introduced by AB 2460 Under the previous law, a quorum was required in member…
HOA fraud is a serious issue that can harm communities and undermine trust within homeowners associations. Understanding the most common types of HOA fraud can help you recognize warning signs and protect your rights. Below, we explore various prevalent forms of fraud in HOAs and what you can do to defend against them. What is…
Creating business contracts on your own is certainly possible, but it’s important to weigh the risks and benefits carefully. While you can handle straightforward contracts yourself, there are situations where legal guidance can be invaluable. Hiring a lawyer might be the right choice if the terms are complex, if significant money is involved, or if…