Forms of Ownership 10/27/2022

 

In this webinar, we will be covering the common forms of ownership for small businesses and their filing requirements:

• Sole proprietorships
• General partnerships
• Limited Liability Company
• Corporations

Our Guest Speaker, Lucius C. Davis III is the Small Business Liaison in the Taxpayers’ Rights Advocate’s Office. He assists with the development of small business education and outreach programs in order to help business owners better understand their income tax requirements and responsibilities. He also provides information about the Franchise Tax Board’s (FTB) programs and services that are available to them.

Prior to becoming the Small Business Liaison, Lucius worked in Collections and in Filing in the Business Entities Section as an analyst at FTB. In the private sector, Lucius owned a small business for 10+ years. Prior to that, he played professional basketball overseas for 13 years.

The Forms of Ownership presentation is a discussion of the most common forms of business ownership that are available to business owners. Information is presented about Sole Proprietorships, Partnerships, Corporations, and Limited Liability Companies. This information, along with specific filing information for each form of ownership, allows the business owner to determine which form of business ownership best fits their business needs.

Resources Links

FTB Common Forms of Ownership - https://www.ftb.ca.gov/forms/misc/112...

Get updates from Tax News - https://www.ftb.ca.gov/about.../newsroom/tax-news/index.html

Partnership agreement example - https://smallbizla.org/wp-content/uploads/2016/03/Example-Partnership-Agreement-2.pdf

Administrative dissolution/cancelation of domestic corporations and LLCs (AB 2503) - https://www.ftb.ca.gov/about-ftb/newsroom/tax-news/november-2018/adminstrative-dissolution-cancellation-of-domestic-corporations-and-llcs.html

To sign up for free SBDC consulting, visit https://lavernesbdc.org/newclient