LLC Operation and Other Post-Formation Matters
The purpose of this article is to provide information regarding the basic elements of operating a California limited liability company (“LLC”) and the roles of the following: (a) the owners of the LLC, called “members”; (b) the “managers” of the LLC which may be elected by the members to operate the LLC business; and (c)…
Limited Liability Partnerships
California has adopted legislation permitting California attorneys and accountants to practice as limited liability partnerships. This legislation, effective October 10, 1995, has been relatively unheralded. Yet, it provides important benefits to accountants and attorneys. Limited liability partnerships are domestic general partnerships that elect limited liability status by following procedures described below. Importantly, creating a limited…