FOR A CA SINGLE MEMBER LLC, IS THERE A MINIMUM FRANCHISE TAX FOR THE FIRST YEAR IN 2023?
Yes, in California, there is a minimum franchise tax for single-member LLCs, which is generally $800. However, as of my knowledge cutoff in early 2023, there was a new exemption for newly formed LLCs. According to Assembly Bill 85 (AB 85), which was signed into law in 2020, certain new businesses are exempt from the minimum franchise tax in their first taxable year. To qualify for this exemption, the LLC must have been formed on or after January 1, 2021, and before January 1, 2024. This means that if you formed your single-member LLC in California during 2023, you would not be required to pay the $800 minimum franchise tax for your first tax year. Keep in mind that tax laws can change, and it's important to check with the California Franchise Tax Board or a tax professional for the most current information and to ensure that your LLC qualifies for the exemption.
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