Ownership and Transfer of LLC Property Lawyers
Who Owns The Property Of a Limited Liability Company?
The limited liability company ("LLC") is considered a separate legal entity that is capable of owning property and assets. However, since a LLC is made up of people, usually managers are appointed to act in the interests of the company. If managers are not appointed, any partner is capable of acting on the LLC's behalf, though they may only act in the interests of the company and not for themselves.
Who Can Transfer Property In a Limited Liability Company?
Authorities are chosen to act on the firm's behalf. This can either be managers, or LLC partners can authorize certain individuals that may transfer property for the LLC. But transfers of properties or assets, especially in large amounts, can only be done to satisfy the debts of the LLC. An individual may not transfer out property for personal gain.
How Are Members Of a Limited Liability Company Related To This Property?
LLC members share in the profits reaped from the transfer or ownership of property. Members also have an interest in all LLC property and assets. Although they may not directly act upon the property or the assets, their interest is considered a valuable resource that may be transferred or inherited. Members may only transfer their interest with the consent of other members, but this is almost never a contested issue.
Do I Need an Attorney To Discuss The LLC's Property?
You may still be confused about the distinction and relationship between you, your LLC, and all of the property and assets owned by the LLC. Ask an experienced attorney about any questions or concerns that you may have.
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Last Modified: 01-03-2011 02:37 PM PST
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