Blog & Announcements
The Basics of Basis: Ten Things All LLC Members Should Understand About Basis
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 Member....
You Must Understand Taxation of Member Contributions to an LLC to Anticipate Tax Considerations for 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 services to a limited...
Is My LLC in Danger of Being Suspended?
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 an entity. I reminded him to start with...
Don’t Form an LLC to do Business in California Without First Understanding California LLC Taxes
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...
Beware of Taxes as a Result of Your Contribution to an LLC – Considerations for LLCs Taxed as a Corporation
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 to...
Beware Of Income Taxes On Member Contributions To An LLC Taxed As A Partnership
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 not recognize...
LLC Members – Ignoring Self-Employment Taxes When Choosing Your Business Entity Can Be A Costly Mistake
By: Tamara Pow In addition to income tax considerations on forming a limited liability company (“LLC”) in California and making contributions to the LLC, potential LLC members should keep in mind that income they receive from their LLC may be subject to...
Entering Into A Real Estate Loan? Will You Need a Single Purpose Entity?
By: Serge Filatov The real estate market in the Bay Area and San Jose is booming. With interest rates still low, many real estate investors are taking advantage of cheap debt and either taking out new loans for projects or refinancing existing debt. One of the common...
Using LLCs For Estate Planning
By: Tamara Pow Although I do not practice estate planning law, as a limited liability company lawyer (“LLC lawyer”) in San Jose, I have worked with estate planning attorneys to form many LLCs for families that want to include them in their estate plan. Traditionally,...
Business Contracts – Beware of Third Party Beneficiaries -They May Not Be Missing Persons
By: Robert Hawn As a business attorney with a Silicon Valley practice, I create a lot of contracts for many different kinds of companies. It never gets boring! One of the issues we sometimes worry about is whether there are any other parties that might have rights...
Limited Liability Companies, California Real Property And Property Taxes
By: Tamara Pow As a real estate attorney in Silicon Valley, I represent a lot of real estate investors that hold their properties in LLCs. One of the biggest and most expensive mistakes LLC members can make when transferring property to or from an LLC is triggering a...
Doing Online Business With Europe? New Shield to Replace Your Safe Harbor?
By: Robert Hawn As a business attorney practicing in the San Francisco Bay Area working with start-up companies , I often represent companies which are pursuing market opportunities in the European Community. Many of these companies, especially “software as a service”...
The LLC – The Right Choice For Your Business?
By: Serge Filatov I’ve written previously about sole proprietorships and general partnerships as forms of businesses for the small business owner here in San Jose and Silicon Valley. However, as mentioned before, those forms of businesses are not ideal because they...
Lenders and Licensing and Exemptions: The World According to the California Finance Lenders Law
By: Jack Easterbrook Many of our clients, at one time or another, get involved in private loan activities in California as a lender. It may be to help finance a business, purchase or improve real estate around San Jose, Silicon Valley or elsewhere in California, or...
2016 Standard Mileage Reimbursement Rates
By: Tamara Pow IRS Announces 2016 Standard Mileage Reimbursement Rates The Internal Revenue Service has issued the 2016 optional standard mileage rates ( IR-2015-137, Dec. 17, 2015 ): As of January 1, 2016, the rates for the use of a car, van, pickup or panel truck...
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