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How are limited liability companies (LLCs) affected by AB 897?

April 26, 2017AB affected limited liability companies LLCs

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How are limited liability companies (LLCs) affected by AB 897?

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California does not allow tax-exemption for single member LLCs under R&TC Section 23701d. LLCs must elect to be treated as a corporation to be able to be granted exemption under R&TC Section 23701d.