> If anyone running the business is a California resident (by the updated definition outlined above), then the whole business is a California resident, and any assets (including Lamborghinis and Bugattis) held in the state are subject to California taxation.
I'm relying on the paraphrasing in article rather than the text of the law itself, but this says that it only applies to assets held in the state.
I'm relying on the paraphrasing in article rather than the text of the law itself, but this says that it only applies to assets held in the state.