Introduction to 1031 Exchanges of Real Property

When you own real property, that asset will generally appreciate in value over time, particularly if you own property in San Diego. When you sell that asset, capital gains tax will be due on the sale based on the appreciated value. A 1031 exchange is the method by which a person can sell an existing investment property (“relinquished property”) and …

Transient Occupancy Taxes – Do I Really Have to Pay Them?

Most cities in San Diego County, and throughout California, impose something called a “transient occupancy tax” (TOT) on “transients,” or persons who occupy a hotel, RV park, campsite or short term rental property for a period of less than 30 days. This TOT applies to short term vacation rentals under Airbnb, VRBO, and other similar sites. As an Airbnb host, …

One Year Later – RULLCA’s Effect on Existing Limited Liability Companies

California enacted the Revised Uniform Limited Liability Company Act (“RULLCA” or “Act”) on January 1, 2014 which incorporated a few significant changes to the rules governing limited liability companies (“LLCs”).   All acts and transactions of existing LLCs that occur on or after January 1, 2014 are controlled by RULLCA, particularly in situations where the LLC’s existing operating agreement is silent. …

Updating Your LLC Operating Agreement

As of January 1, 2014, the California Revised Uniform Limited Liability Company Act (“RULLCA”) [Corp Code 17701.01 et seq] will take effect and automatically apply to all existing and newly formed limited liability companies (“LLCs”).  All acts, contracts or transactions of a new or existing LLC that take place or are entered into on or after January 1, 2014 will …