Internet start-ups are exciting ventures that can achieve remarkable growth on a shoestring. But smart entrepreneurs realize the value of hiring attorneys to form a legal entity for their start-ups, whether the entity is a corporation, partnership, or limited liability company. If a start-up comes to you for help, would you know the key pre-formation questions to ask?
Governor Schwarzenegger signed Senate Bill 1008 on September 30, 2010 (effective immediately), which adds to the short list of licensed professionals allowed to form limited liability partnerships (LLPs) in California. Licensed engineers and land surveyors are now authorized to form/register a LLP (until January 1, 2016). The relevant LLP forms were revised to include these professions.
In addition, California’s Secretary of State has revised several LLP forms effective October 2010 to be single-sided and include simplified language, minimal filing instructions, and a link to a new Limited Liability Partnership Filing Tips webpage.
For more information on LLPs, check out Advising California Partnerships, chaps 9-10 (3d ed Cal CEB 1999) and Selecting and Forming Business Entities, chap 7 (2d ed Cal CEB 2007). On licensing of engineers and land surveyors, go to Professional Licensing: Disciplinary Practice in California, chap 14 (Cal CEB 2008).
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