How Can I Avoid The $800 Franchise Tax Burden?
How To Avoid California Franchise Tax
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How Do I Avoid $800 Llc Fees In California?
Wondering how to avoid the $800 LLC fees in California? Well, one effective strategy is to cancel your LLC within one year of its formation. By doing so, you can utilize the Short Form Cancellation (SOS Form LLC-4/8) with the California Secretary of State (SOS). This approach allows your LLC to bypass the annual $800 tax obligation for its inaugural tax year. So, if you organize your LLC in California and then decide to dissolve it within the first year, you can utilize this form to save on the $800 tax fee. Keep in mind that this information is current as of May 3, 2023.
Do You Have To Pay The $800 California Llc Fee?
Are you wondering if you need to pay the annual $800 California LLC fee? Typically, an LLC is obligated to make this payment and submit a California tax return until they complete the necessary paperwork to officially cancel the LLC. To cancel an LLC, you must file Form LLC-4/7, also known as the Limited Liability Company Certificate of Cancellation, with the California Secretary of State (SOS). This process is essential for formally dissolving your LLC and relieving you of the annual tax and filing obligations.
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This means that even if your company does not operate and shows no profit, it must still pay the $800 minimum by virtue of existing. Thus, the only way to avoid the tax is to dissolve the company.If you cancel your LLC within one year of organizing, you can file Short form cancellation (SOS Form LLC-4/8) with the SOS. Your LLC will not be subject to the annual $800 tax for its first tax year.In general, an LLC is required to pay the $800 annual tax and file a California tax return until the appropriate paperwork is filed with the SOS to cancel the LLC. In order to cancel an LLC, the LLC must file Form LLC-4/7, Limited Liability Company Certificate of Cancellation, with SOS.
Learn more about the topic How can I avoid $800 franchise tax.
- $800 Minimum Franchise Tax | UpCounsel 2023
- Limited liability company | FTB.ca.gov
- FTB 3556 LLC MEO Limited Liability Company Filing Information
- FTB Publication 1038 – Franchise Tax Board – CA.gov
- What Happens If You Don’t Pay California Franchise Tax?
- California LLCs don’t pay $800 Franchise Tax (after 2021) – LLCU®
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