Tag Archives | California

Now it’s easier for corporations to pay dividends in California

Assembly Bill No. 571, was signed by California governor Jerry Brown on September 1, 2011. Under prior law, if a corporation had no retained earnings, it could only pay dividends (or redeem stock) under very limited circumstances (satisfaction of a balance sheet test and liquidity requirements). Directors could be held personally liable for distributions made […]

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New tax filing requirements for small California nonprofits

In the past, California nonprofits with $25,000 or less in gross receipts did not have to file any California tax return. For tax years beginning on or after January 1, 2010, California tax-exempt organizations with gross receipts normally equal to or less than $25,000 (except churches) are now required to electronically file FTB 199N, California […]

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Update on SB 392 – it passed!

SB 392 was signed into law which means that effective soon, LLCs will be able to become licensed contractors in California.  This is great news for cooperatives/collectives that form as LLCs.

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