Moving my Acclaim to California!

[Joe Zuffoletto]

5 hours ago, RobertGary1 said:

Going on 20 years outside in California. Paint doesn't look new but its not that bad. Could easily buy an extra Mooney with what I saved.

 

-Robert

Nothing wrong with parking outside in CA. Back in the 80s and 90s I rented a Socata Trinidad from a gentleman who parked it outside at Palo Alto. The sun took its toll, but, as you say, it wasn't all that bad. I just prefer to be indoors.

[JohnB]

20 hours ago, RobertGary1 said:

• All LLCs (not classified as a corporation) that are doing business in California, or file an article of organization or certificate of registration with the Secretary of State must file Form 568, Limited Liability Company Return of Income, pay the annual minimum franchise tax of $800, and LLC fee (if applicable). 

"

https://www.ftb.ca.gov/businesses/structures/limited-liability-company.shtml

 

-Robert 

Robert,

I believe the part of your statement.. " IF your LLC is doing business in CA" is quite correct, yes you would then have to qualify your LLC containing the airplane in CA. But I think there is absolutely nothing wrong with having your airplane in an LLC not formed not in CA, NOT doing business with it (the airplane or LLC) in CA and not doing the $800 franchise tax fee and applicable tax filing.  Foreign corporations/ entities need not be required to qualify in CA if there is no business done in CA through that entity.

I'm not a lawyer, or tax professional,  but I did stay at a Holiday Inn several years ago

 

John

[Sven]

Welcome to Sonoma County, Joe. This is TFR country, especially during political seasons and Petaluma is often on the edge or included in the big TFRs. They pop up at Sonoma Raceway, too. Enjoy the scenery and welcome to the neighborhood. 

[Joe Zuffoletto]

11 hours ago, JohnB said:

But I think there is absolutely nothing wrong with having your airplane in an LLC not formed not in CA, NOT doing business with it (the airplane or LLC) in CA and not doing the $800 franchise tax fee and applicable tax filing.  Foreign corporations/ entities need not be required to qualify in CA if there is no business done in CA through that entity.

John, that's basically what my attorney told me.

[FlyDave]

A little late posting here Joe but Welcome to o69. You've got a great hangar and on-airport maintenance shop. The company ain't bad either .

[RobertGary1]

5 hours ago, Joe Zuffoletto said:

John, that's basically what my attorney told me.

Here is how the state defines "doing business". Note here that "taxpayer" is the LLC itself..

(b) For taxable years beginning on or after January 1, 2011, a taxpayer is doing business in this state for a taxable year if any of the following conditions has been satisfied:
....

(3) The real property and tangible personal property of the taxpayer in this state exceed the lesser of fifty thousand dollars ($50,000) or 25 percent of the taxpayer's total real property and tangible personal property. The value of real and tangible personal property and the determination of whether property is in this state shall be determined using the rules contained in Sections 25129 to 25131, inclusive, and the regulations thereunder, as modified by regulation under Section 25137.

 

https://www.ftb.ca.gov/businesses/Section_23101.shtml

 

I'm not saying what the rule should be but it looks to me like an LLC keeping an aircraft (tangible personal property) would qualify it as "doing business" under the code. I changed my registration and now am just registered as an individual. There really isn't much benefit to being an LLC or registering out of state if you aren't worried about investors.

-Robert

Edited June 2, 2017 by RobertGary1

[Joe Zuffoletto]

Robert,

I appreciate your concern and your research. I will discuss this with my attorney. 

Thank you,

Joe

[RobertGary1]

20 hours ago, Joe Zuffoletto said:

Robert,

I appreciate your concern and your research. I will discuss this with my attorney. 

Thank you,

Joe

Thanks Joe. I'm certainly not claiming to be an expert and am very interested in what your attorney says. 

-Robert