Under California law (which is much more generous to employees than federal law), if you are a non-exempt worker, you are entitled to meal and rest breaks: a 30-minute meal break if you work more than 5 hours in a workday, and 10 minutes breaks for every 4 hours you work. There are other requirements…
For the savvy entrepreneur, incorporating a business can be a great way to lower the tax bill, ensure the business lives on, and gain legitimacy as an established business. However, the number-one reason to incorporate or form an LLC (limited liability company) is to protect any personal assets from the liability of the business. Separating…
FUNDING PERSONAL PROPERTY INTO A REVOCABLE LIVING TRUST Whether personal property is funded into a trust is primarily a matter of intent. With every comprehensive estate plan that we do, we include an “Assignment of Personal Property,” which explicitly states that all personal property is thereby intended to be funded into the trust. This document…
What is a Living Trust? A Living Trust is a vital component of an estate plan, and part of estate planning documents prepared for you while you are alive. In order for a Trust to work properly, you must transfer most of your assets to your living trust. Title to some assets cannot be transferred…
Personal Liability of Members and Managers An LLC generally shields its members from liability for the company’s obligations. However, there are circumstances in which members may be held personally liable for the LLC’s obligations. Here are a few examples: 1) If a member has an oral side agreement to reimburse the LLC for payments made…
Changes in the Law That Take Effect for LLC’s in California Best Asset Protection – WFB Legal Consulting, Inc On January 1, 2014, the California Revised Uniform Limited Liability Company Act (the RULLCA) will take effect. The RULLCA (new LLC law) replaces the Beverly-Killea Limited Liability Company Act, California’s current law governing limited liability companies. The…
