There are many ways to protect the business, its assets, and employees. One way is through the appropriate legal framework. The legal framework you use can affect your tax payments, legal liability and potential for future investment and growth.
Participants will learn about the various legal structures that businesses typically operate under.
*Brought to you in partnership with the City of Los Angeles Economic and Workforce Development Department (EWDD) and South Los Angeles Business Source Center. Auxiliary Aids and services are available upon request to individuals with disabilities.
Lucius C. Davis III is the Small Business Liaison in the Taxpayers’ Rights Advocate’s Office. He assists with the development of small business education and outreach programs in order to help business owners better understand their income tax requirements and responsibilities. He also provides information about the Franchise Tax Board’s (FTB) programs and services that are available to them.
Prior to becoming the Small Business Liaison, Lucius worked in Collections and in Filing in the Business Entities Section as an analyst at FTB. In the private sector, Lucius owned a small business for 10+ years. Prior to that, he played professional basketball overseas for 13 years.
The Forms of Ownership presentation is a discussion of the most common forms of business ownership that are available to business owners. Information is presented about Sole Proprietorships, Partnerships, Corporations, and Limited Liability Companies. This information, along with specific filing information for each form of ownership, allows the business owner to determine which form of business ownership best fits their business needs.