Corporations, Partnerships, Limited Liability Companies, Family Limited Partnership
Many people fail to realize that if they fail to transfer title to the stock they hold in their corporation, interest in partnerships, and membership interests in LLC entities, that may open the door to require a probate if the value of California business assets exceed $150,000.
Transfer of a business asset to a trust is a simple matter if done before a person’s death and may involve preparing corporate minutes and new stock certificates to detail the transfer of stock, amending a partnership agreement or Operating Agreement for an LLC. These actions are all best done before a person’s death.
For individuals that want to create a corporation, partnership or limited liability company as part of their estate planning or business operations, these can be accomplished. Annual preparation of corporate minutes, filing requirements with the secretary of state or franchise tax board can all be guided by legal and tax professionals to keep your business entity properly running to maintain the liability protections you envisioned when you first established your business.