Full question:
To put a property in an LLC do a trust and will have to be prepared first? Also if there is a second property, how does that work? A separate LLC and will & trust? How quickly can the LLC establishment process be completed for a Nevada LLC? Also what is the cost?
- Category: LLC
- Date:
- State: California
Answer:
The formation and operation of an LLC is relatively simple. However, like a corporation or limited partnership, more formality in formation and operation is required than in either a general partnership or sole proprietorship. An LLC is formed by filing Articles of Organization with the Secretary of State, and must have an oral or written Operating Agreement. A written Operating Agreement is obviously preferable for certainty and understanding.
A LLC is a separate legal entity and may own property separate from its members. Therefore, I am not clear as to your comment about putting property in a LLC. A LLC acquires property the same way individuals do, by purchase, devise or assignment. It may own as much property as it desires. A LLC would not execute trust documents or create a last will and testament.
The members (principals/owners) of a LLC may treat their interest in a LLC as an asset of their own. If the members desire to sell, transfer or bequest their interest, the operating agreement of the LLC would dictate what effect that will have on the LLC.
The formation of a LLC in Nevada is reasonably quick and easy. The state charges a filing fee of $75.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
