QUESTION
Is it lawful for a California LLC perform investment banking services?
Asked on Jan 10th, 2014 on Corporate Law - California
More details to this question:
An LLC may engage in any lawful business activity, whether or not for profit, except the banking, insurance, or trust company business, subject to any limitations contained in the articles of organization or imposed by other applicable laws. Corp C §17002(a).
1 ANSWER
That language does not cancel the need to acquire any other license associated with the activity. For example, lots of construction companies are LLCs. They still require a contractor's license. If you set up a massage business or a driving lesson business, you would still need those licenses. And if your investment banking business requires an SEC or state license, being an LLC does not cancel that requirement.
Dana
Answered on Jan 13th, 2014 at 12:43 PM