What you do after we set up your LLC?

1. Obtain a tax identification number for the LLC if the LLC has more than one member or has one member but elects to be taxed as a corporation. Go to www.irs.gov/pub/irs-pdf/p1635.pdf.

[Note: If you are a single member LLC and wish to be taxed as a sole proprietor, you will continue to file an individual tax return as you did before and report the LLC on Schedule C.]

2. Transmit the annual LLC tax deposit to the Franchise Tax Board by the 15th day of the 4th month after the beginning of the LLC's taxable year (fiscal year) or 4/15/03 (calendar year). Go to www.ftb.ca.gov/forms/02_forms/02_568Bk.pdf

3. File a Statement of Information with the Secretary of State within 90 days of filing your Articles of Organization and yearly thereafter. Go to www.ss.ca.gov/business/llc/llc_formsfees.htm

4. File a Limited Liability Company Return of Income with the State Franchise Tax yearly with payment of the LLC annual fee. Go to www.ftb.ca.gov/forms/02_forms/02_568.pdf?4258

5. Tell your CPA/tax preparer that you have set up an LLC.

LLCs that Gift:

1. Have an appraisal of the property done when you begin transferring interests to beneficiaries, if you do. This is to establish the fair market value to support your gift tax.

2. File a gift tax return with your next tax return if you have transferred interests to beneficiaries in excess of the yearly exemption.