The oil spill is going on two months not. There are numerous reports that BP purposely avoided safety protocols in order to save money. The result of these decisions have caused the worst oil diaster in U.S. history far exceeding the leak by Exxon.
Leaders of BP met with President Obama to discuss the oil spill. Discussion revolved around the suspension of BP dividend payment and a committment of $20 billion for clean up and damages to local business who have suffered in the crisis. Experts are now saying that the liabilty of the company could even exceed $20 billion. It is uncertain on what the final tally will be after the company pays out all legitimate claims. Experts are even speculating that BP won't be able to survive after all is done. Clean up of the Gulf of Mexico can run in to years if not decades. There are still pockets of problems with Prince William Sound where the Exxon Valdez oil spill occured.
Although the employees of BP aren't financially responsible for the incident because of the liability protection of personal assets in forming a corporation. The company however is vulnerable to lawsuits due to its negligence in the matter. Although people are not usually liable, the CEO and leaders who made these decisions to avoid safety protocols may be criminally liable for their actions. So therefore liability protection may protect personal assets, individuals are still responsible for their actions.
To find out more about corporate liability protection, you can visit our information page.
In another blow to small business in California, the program designed to help small business cope with the recession may be coming to an end. Budget problems with the state have forced government leaders to stop funding a program that is designed to help small business. These funds are then matched by the Federal government. Without these funds, there will be no match and therfore no help for small business in California.
The federal funding for the program is $12.5 million. Its not a lot of money in terms of the overal budget, but it is enough when matched to help small business to restructure themselves to better cope with the recession. All business has been suffering in California. California consumers are cutting back on discretionary spending. Consumers are not going out as often in order to save money. Business relies on these funds to better target their clients to ensure the businesses survival. Most of the companies that are hard hit are restaurants, movies, gyms, etc..
Small business is key for the economic recovery for California. The state can't rely on temporary job solutions but must work to keep these small businesses open.
We can help you protect your small business. Opening a corporation or opening a LLC will help protect your personal assets from a lawsuit.
Most states are struggling with their states economy. States are running multi million dollar deficits. Especially hard hit are states with high unemployment rates such as California. Due to the budget shortfalls, many states are forced to cut back on personnel.
Due to the cutbacks, some states are taking longer to approve their corporate and LLC filings. California is one of the slowest to begin with but their budget problems has led to an increase in the delay of filing. They are now taking about 7-8 weeks to approve their normal non expedited filings. Arizona is takinga about the same amount of time to approve filings. Other states have seen increased wait times for approval.
Other states have implemented measures to speed up the approval process. Lousiana has made some drastic changes to increase their time frame from weeks to days.
Forming a LLC or forming a corporation soon? You can contact us and we can help you with your business filing needs.
After incorporating online, once the filing has been approved, there are additional forms to file. Once the articles of incorporation or articles of organization with the state have been approved, California and Nevada require additional filing to maintain the good standing of your business entity. Immediately after the filing has been approved, the state will send an additional document that must be followed within a certain time frame from the approval date.
California sends out a statement of information with the approved documents. The statement of information needs to be completed and sent to the state along with either a $20 or $25 filing fee depending on the entity type. You have 90 days from the day of the approval to have this form submitted to the state. Failure to do so will result in a $250 late penalty. Be sure to send along two copies of the signed document so that the state can send back the two copies stamped and approved.
Nevada sends back a initial list of managers along with the approved documents. The initial list of managers is usually due within 30 days of the approval date. The fee for both corporations and llc's is $125. Failure to submit the initial list on managers will result in a $75 late fee. Be sure to file this on time. The state also makes it fairly easy to file this form online at their website. They will send along instructions on how to complete this.
Both the initial list of managers and the statement of information is required every year to keep the company in good standing. Also, if things change within the company as to the members and owners, you can update this information using this form once a year.
Please let us know if you will be interested in forming a Nevada LLC, or forming a Nevada Corporation. We are based in Los Angeles, so we have alot of experience in registering a California LLC or registering a California corporation. Contact us today.