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View Diary: California's 'special exemptions' act: The biggest threat you haven't heard of (72 comments)

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  •  technically, (0+ / 0-)

    it's a Limited Liability Company, not a corporation.

    oops. I hope the gate wasn't too expensive.

    Twitter: @DanteAtkins

    by Dante Atkins on Tue Jul 17, 2012 at 11:59:27 AM PDT

    [ Parent ]

    •  true (0+ / 0-)

      but
      The federal government does not recognize an LLC as a classification for federal tax purposes. An LLC business entity must file a corporation, partnership or sole proprietorship tax return.

      Bad is never good until worse happens

      by dark daze on Tue Jul 17, 2012 at 12:13:02 PM PDT

      [ Parent ]

      •  doesn't matter (0+ / 0-)

        how the federal government recognizes it. An LLC may choose to be taxed as a corporation or not for federal tax purposes, but restrictions under Prop 32 aren't based on federal tax classification elections, but how an entity is chartered under California law.

        Consequently, any LLC--even one that elects to be taxed as a corporation for federal purposes--is not restricted by prop 32.

        oops. I hope the gate wasn't too expensive.

        Twitter: @DanteAtkins

        by Dante Atkins on Sun Jul 22, 2012 at 12:42:15 AM PDT

        [ Parent ]

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