California corp.

(Robert M. Gary) wrote in message . com...
"Tony Cox" wrote in message hlink.net...
"Robert M. Gary" wrote in message
om...
My graduate law class just covered legal entities. By luck my partner
and I had registered our Mooney in a Mutual Benefit Corp (C-corp).


What is a "Mutual Benefit Corp"? A non-profit? As I remember, you'll
need to file more papers to avoid the minimum franchise tax of $800 (CA),
and will need to continue to pay that fee until your status is approved
(which can take over a year).

A Mutual Benefit Corp is already set up as non-profit. Once to corp is
approved you are already exempt from the $800/yr. You just need to
file to show that you don't make money.

I misspoke a little on this (after checking my paperwork). You want to
file a 3500 with the FTB when you incorporate. That form allow you to
wave the minimum state franchise tax. Its a pretty easy form. State
statute puts NO LIMIT on the number of retroactive years you can
request.

-Robert