Previous Area of Practice
A limited liability company is a business entity that insulates its owners from the liabilities of the entity like a corporation, but is taxed for income tax purposes like a partnership. A family limited liability company (“FLLC”) is a limited liability company formed principally among family members under the California Limited Liability Company Act. An FLLC must have business purposes. An FLLC should only be formed in a state where the state law requirements for liquidation of the FLLC shall be as the owners (called members) specify in their operating agreement. The FLLC remains in existence until the earlier of the unanimous consent of all members, the expiration of a fixed term, or judicial dissolution.
If you have any questions about the California Limited Liability Company Act and how it can protect your family, please contact Mr. Gourde at (949) 825-6525.
