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.
Generally, authorities are chosen to act on the firm’s behalf. This can either be:
- LLC partners
- Authorized 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.
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.
LLC property ownership can be quite complicated. Consulting with an experienced business attorney is the best way to clear up any questions you may have.