BUSINESS LAW TIP! Are you aware of the state “franchise tax” for LLCs? Limited Liability Companies (LLCs) doing business in California must pay an annual tax, which is also known as the franchise tax. This is separate from the corporate income tax. The franchise tax applies even if the LLC is currently not conducting business. It is the annual state fee in California to have your business registered in the state. LLC Franchise Taxes can be paid with the tax voucher Form 3522. The annual fee for the franchise tax is $800. This tax is due and payable by the 15th day of the 4th month after the beginning of the LLC’s taxable year. After the first year you have to continue paying the annual tax by April 15 each year. Keep in mind that, until you cancel your LLC, you will have to pay the annual franchise fee. Need more information. The Sterling Firm is here 24/7 to help you out 💪. * 📅Book Your Consultation Now: https://ift.tt/lt97pmB * 🌐 www.thesterlingfirm.com⠀ 📧 [email protected]⠀ 📲 +1(310)498-2750⠀ * 👇Check Out Our Affordable General Counsel Packages👇 (https://ift.tt/Ztmfl3z * #law #lawyer #tax #legalissue #businesslaw #transactionattorney #justinsterling #thesterlingfirm
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