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June 2016 Archives

Nonprofit Organizations and Public Access to IRS Records

We all know that certain information regarding nonprofit organizations is public information.  If a person requests information such as the nonprofit's tax returns, the organization is required to provide the information in a reasonable time.

Alert: New Law on HOA Reserves

HOA Reserves under the Davis-Stirling Act may be impacted by the enactment of Assembly Bill 968, which amends California Civil Code Section 4775. AB 968 changes the responsibility for exclusive use common areas. The current law under the Davis-Stirling Act effective until December 31, 2017 excludes exclusive use areas from the association's maintenance, repair and replacement responsibilities and places that responsibility on the owner of the separate interest for maintaining any exclusive use area attached to the separate interest. The new law, in effect on January 1, 2017, reverses the responsibility requiring, generally, that if the HOA's governing documents and/or CC&Rs are not clear on who is responsible for exclusive use common areas, then it is the HOA' s responsibility.

Parent Company to Titleist Golf Files for IPO

Yesterday, Acushnet Holdings Corp., the parent company to major golf brands, Titleist and Footjoy, filed for an Initial Public Offering (IPO). According to some leading research firms, the Acushnet IPO could raise as much as $300 million. Acushnet's Form S-1 didn't note whether it intended to list on the New York Stock Exchange (NYSE) or Nasdaq, but it did state that the company intends to list the common stock under the ticker symbol "GOLF."

San Diego Startup Week Begins Today

Entreprenuers and startup businesses in San Diego County should be excited because San Diego Startup Week begins today and runs through Friday, June 17! The week of events "brings together entrepreneurs to share progress, exchange resources, and celebrate the thriving innovation community." With over one hundred and twenty-five events spread across this incredible week, there should be enough programming to interest every entrepreneur and startup business.

CA Assembly Passes Bill to Prevent Employers From Requesting Salary History from Applicants

Last Thursday, the California Assembly passed AB 1676 (Campos and Gonzalez), which seeks to prohibit businesses and other employers from requesting salary history information from an applicant (or an agent). Further, AB 1676 requires employers, except state and local municipalities, upon reasonable request, to provide the pay scale for a position to an applicant.

Why does a single-member LLC need an operating agreement?

One question we commonly receive from small business clients is, "Why does my single-member limited liability company (LLC) need an operating agreement?" To answer this question, we will briefly take a look at the California Revised Uniform Limited Liability Company Act ("RULLCA"), then address possible reasons why an operating agreement may be beneficial.

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The Loftin Firm, P.C.

The Loftin Firm, P.C.
5760 Fleet Street
Suite 110
Carlsbad, California 92008-4713

Toll Free: 866-933-2340
Phone: 760-814-9649
Fax: 760-431-2003
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