Legal Question in Business Law in Utah
Can I establish an LLC to own personal property (not just real estate) without establsihing a trust?
Asked on 1/19/12, 1:42 pm
2 Answers from Attorneys
Randy Lish
Randy M. Lish, Attorney at Law
The typ of property owned by an LLC is not critical. An LLC must have a business purpose, just like a limited partnership. If the property is owned to further the business purpose of the LLC, it can be either real property or personal property.If there is no business purpose for the LLC, it can be challenged on that basis. Call me if you have further questions.
Answered on 1/19/12, 2:00 pm
Alvin Lundgren
Alvin R. Lundgren, L.C.
An LLC can own any kind of property, as can a trust. The real question is what is your goal? If shorter term ownership perhaps a LLC, but if you want to hold property and distribute at your death then a trust.
You welcome to call for a free consultation.
Answered on 1/19/12, 6:23 pm
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