One question we commonly receive from small business clients is, "Why does my single-member limited liability company (LLC) need an operating agreement?" To answer this question, we will briefly take a look at the California Revised Uniform Limited Liability...
Every nonprofit organization that qualifies for a tax exemption under Internal Revenue Code Section 501(c)(4) is a private foundation, unless it falls into an excluded category. According to I.R.C. Section 509(a), the following organizations are considered "public...
We hope you'll take time on this holiday weekend to remember and honor the brave soldiers who've died in service to this great nation. Remember, freedom is not free.Happy Memorial Day from our families to yours!
From time to time, civil litigation requires that a litigant sue a dissolved corporation. At common law, a corporation ceased to exist and could not sue or be sued once it had dissolved, but the California legislature abandoned these common law rules in 1929. See...
Many small businesses regularly use the term "S-Corporation", but we've found that only a handful of people actually understand what this means. In general, when a corporation is formed, it will be treated as a "C-Corporation," which means that the entity will be...
In the past week, several stories regarding claims to Prince's estate have been reported that have sparked the interest of estate planning professionals across the United States.First, an inmate in Colorado has come forward claiming to be the biological son and legal...
Funding your revocable trust is vital to proper estate planning. Failure to do so may result in a rocky road in the years to come. For example, in one recent appellate case, Carne v. Worthington, the court considered whether the trustor had transferred real property...
Tax-exempt nonprofit corporations in this controversial election cycle need to be mindful of the restrictions related to political activity. A reminder to 501(c)(3) tax-exempt organizations regarding specifically the absolute prohibition against support or opposition...
Forming a Nonprofit Organization: Before an entity may quality for tax-exempt status with the IRS, it must be created as a corporation, a trust, or an unincorporated association (note: partnerships generally do not qualify). In California, the nonprofit formation...
In just ten (10) days, "Glitz, Glamour, Hats & Heels, an afternoon tea and social" returns to the City of Carlsbad. On Friday, May 20th at the Sheraton Carlsbad Resort & Spa, The Loftin Firm, P.C., the Carlsbad Chamber of Commerce, and Savvy Women Wealth...