The New LLC Act in California – What Does it Mean for You?

California has a new Limited Liability Company (LLC) act which took effect January 1, 2014. The new law automatically applies to existing LLCs and the new law contains provisions that can result in forfeiture of LLC member rights, if action is not taken. If you are a member of a LLC, now would be a good time to have an attorney review the LLC operating agreement to ensure you are protected against possible forfeiture of your member rights. This is applicable to existing California LLCs and does not apply to foreign LLCs that have qualified to do business in California. Also, the new rules are not important for single-member LLCs or husband-and-wife LLCs. Please contact us if you need a referral to an attorney that can review your current operating agreement and make amendments to prevent forfeiture.

State Launches New Online Tool for Unclaimed Property

The California Controller’s Office is making it easier to claim your missing money through a new online tool. Currently, the state has more than $6.9 billion in unclaimed property belonging to approximately 24.9 million individuals. The online tool (www.calimit.ca.gov) launched in January 2014 is for claims where the property is worth less than $500 and there is only one listed owner. The process is simple and users could get a check for their unclaimed property within 14 days. For items such as unclaimed money orders, cashier’s checks, royalties, and the contents of safe-deposit boxes, the old paper process is still required. Check out the site today and see if you or a relative has any unclaimed property!

Important Tax Filing Deadlines

Some upcoming dates to be aware of for your 2013 tax year filings:

• Tax filing deadline, or extension requests, for calendar year C-corporations and S-Corporations is March 17, 2014
• Tax filing deadline, or extension requests, for calendar year for individuals, partnerships, and trust returns is April 15, 2014
• Tax filing deadline, or extension requests, for a calendar year non-profit organizations is May 15, 2014

• Payment deadline for Q1 estimated taxes for all calendar year taxpayers is April 15, 2014, including California minimum franchise taxes and fees for C and S Corporations and Limited Liability Companies.

Please call us if you have any questions or require further assistance at 408-252-1800.

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