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Financial Resources

Are you looking for loans, grants or other means to sustain your business? Please take the time to check out our list of available financial resources. By clicking on the resources tab, you can view the categories in the drop down menu. Below you will find other helpful information for you and your business.

California Extends First-Year $800 Minimum Franchise Tax Exemption to LLCs, LPs, and LLPs

The 2020 Budget Act extends the first year exemption from California’s $800 minimum franchise tax to limited liability companies (LLCs), limited partnerships (LPs), and limited liability partnerships (LLPs). Under the new rules, for the period starting January 1, 2021 and ending December 31, 2023, any LLC, LP, or LLP that files, registers, or organizes to do business in California is exempt from the state’s $800 minimum annual franchise tax for its first taxable year. Under prior law, only corporations were exempt from the minimum franchise tax in the first year after they registered with the state. The purpose for the change was to remove a barrier to small business creation. ​ Starting in their second taxable year, all LLCs, LPs, LLPs, and corporations that have filed, registered, or are organized to do business in California become subject to the annual $800 annual minimum franchise tax until they formally dissolve.

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