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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Franchise tax for LLC Posted by Joanna M on February 26, 2010 at 4:57 PM In Reply to: Re: Franchise tax for LLC posted by Rick, the Probate Guy on February 25, 2010 at 8:44 AM Thanks Rick ! Seem like I need to register as LLC in CA. The expert I am consulting suggests one LLC for each property to restrict possible loss to one property only. But the cost is high: filing fee+$800 annually for each property. I am open to any other good suggestions. Your opinion is highly appreciated. Joanna : Since this is a foreclosure board, you'd do well to search some other forums whose participants have wide experiences in this area. : There is no law that I'm aware that requires you to incorporate or file LLC in CA. You would most likely be expected to still pay the minimum $800 franchise tax fee unless all of the rental income is outside of CA, too. : The problem that may come up is that, should you have a problem with a CA rental and a CA tenant, you'd be treated differently. Also remember that you could not represent yourself in court (probably a good thing). : While this is NOT my area of expertise, I would be reluctant to get advise 'on the cheap' when the adverse consequences could be so significant. : What do your tax advisor and attorneys say? Follow Ups: An easier way... Rick, the Probate Guy 12:28 AM, 02/28/10 (5) An easier way... Joanna M 7:43 PM, 02/28/10 (4) Re: An easier way... Buyer 8:53 PM, 02/28/10 (3) Re: An easier way... Joanna M 2:32 PM, 03/01/10 (2) Re: An easier way... dond 4:36 AM, 03/02/10 (1) Re: An easier way... Joanna M 12:41 AM, 03/03/10 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Thanks Rick ! : Seem like I need to register as LLC in CA. : The expert I am consulting suggests one LLC for each property to restrict possible loss to one property only. : But the cost is high: filing fee+$800 annually for each property. : I am open to any other good suggestions. : Your opinion is highly appreciated. : Joanna : : : Since this is a foreclosure board, you'd do well to search some other forums whose participants have wide experiences in this area. : : There is no law that I'm aware that requires you to incorporate or file LLC in CA. You would most likely be expected to still pay the minimum $800 franchise tax fee unless all of the rental income is outside of CA, too. : : The problem that may come up is that, should you have a problem with a CA rental and a CA tenant, you'd be treated differently. Also remember that you could not represent yourself in court (probably a good thing). : : While this is NOT my area of expertise, I would be reluctant to get advise 'on the cheap' when the adverse consequences could be so significant. : : What do your tax advisor and attorneys say? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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