California Liability Llc With No Assets
Description
How to fill out California Limited Liability Company LLC Formation Package?
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FAQ
No, since your California LLC doesn't need to pay the $800 franchise tax for its 1st year, you don't need to file Form 3522. Form 3522 will need to be filed in the 2nd year.
Every year after that, the tax payments are due on the 15th of the fourth month of your tax year ? April 15 for most businesses. Plus, California's LLC annual fee is tax deductible for federal taxes. You can deduct the $800 Franchise Tax ? and any additional annual fee you pay.
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.
You pay an $800 LLC tax annually, even if your LLC doesn't earn any money. You pay an annual LLC fee, which depends on your LLC's gross income. You pay income tax on your net LLC income with your personal tax return (The California LLC tax rate ranges from 1% to 13.3%).
Due Dates for First-Year Annual Tax Payment Domestic LLCs have until the 15th day of the 4th month after they file their Articles of Organization with the SOS to pay the first-year annual tax. For the LLC's first year, this is measured from the date the business files its Articles of Organization.