Family Limited Liability Company

A limited liability company is a business entity that insulates its owners from the liabilities of the entity like a corporation, but is taxed for income tax purposes like a partnership. A family limited liability company (“FLLC”) is a limited liability company formed principally among family members under California’s limited liability act. An FLLC must have business purposes. An FLLC should only be formed in a state where the state law requirements for liquidation of the FLLC shall be as the owners (called members) specify in their operating agreement. The FLLC remains in existence until the earlier of the unanimous consent of all members, the expiration of a fixed term, or judicial dissolution.

If you have any questions about family limited liability companies, please contact Mr. Gourde at (949) 825-6525.

 
 

Thomas L. Gourde, Partner - Ray & Gourde, LLP
111 Pacifica, Suite 120 - Irvine, CA 92618
(949) 825-6525 - Fax: (949) 825-6544 - Email: tgourdelaw@gmail.com