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Updated almost 4 years ago,
LLC California Franchise Tax
I just discovered that if I live in California and I have an LLC (in or out of state) I will be required to pay Franchise Tax in California (annually 800$) for each LLC.
My first plan was to create for each property its own LLC.
This discover is changing my plans (and my numbers of course 🙄 )
A few options that came to my mind to try to avoid this route:
1. Instead of creating an LLC, purchasing an Umbrella insurance for all the properties.
2. Create 1 LLC and sign a few properties under the same LLC (instead of paying 800$ for each LLC/property)
Are there other options that I didn't think of?
What are the pros/cons for the Umbrella insurance vs LLC?
Thanks for your wisdom in advance 🙌