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By: Tamara B. Pow Even though we are not even halfway through the year, it is already time to pay your LLC gross receipts fee. LLCs classified as partnerships or disregarded entities are required to estimate their total annual income, and pay an...
By: Tamara Pow One of the major considerations in determining the right entity for a business is how it is taxed. There are major differences in the taxation of owners in corporations that pay their own corporate income taxes and owners in pass...
By: Tamara Pow Your gift or sale of an LLC interest to a family member may be disallowed for tax purposes. If you are gifting or selling a limited liability company (“LLC”) interest to a family member, you must keep in mind the...
As a business attorney in Silicon Valley practicing in our firm’s office in San Jose, I spend a lot of time creating license agreements for our licensor clients. In creating and negotiating licenses, a number of risks need to be allocated. One of the...
By: Tamara Pow Limited Liability Companies (LLCs) are complex entities for tax purposes. Generally, for LLCs choosing to be taxed as a partnership, the taxation of independent members depends on the profits or losses of the entity, and the basis of the LLC...
By: Tamara Pow In two of my previous blogs I have discussed the individual tax consequences to members when they make contributions to an LLC taxed as a partnership or contributions to an LLC taxed as a corporation . When contributing property or...
By: Tamara Pow I was recently training a new attorney at my law firm. We were discussing some of the things to look for when reviewing a commercial real estate lease or any business contract where one or more of the parties is...
By: Tamara Pow Before you form a limited liability company to do business in California, make sure you understand the California LLC taxes. Both limited liability companies (“LLCs”) formed in California, and LLCs formed in a state other than California that are doing...
By: Tamara Pow In my last blog I discussed the tax considerations members of a limited liability company (“LLC”) may face when they make contributions to an LLC that is taxed as a partnership. This blog explores the tax consequences for members making contributions...
By: Tamara Pow Before you make a contribution to an LLC in exchange for a membership interest, beware that some member contributions to LLCs are taxable. For a limited liabilty company (“LLC”) taxed as a partnership, the general rule is that members do...