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Trusts and LLC Members

by bboyerjax, Window Shopper

  • Created: December 29, 2011, 3:19 pm
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2 comments

My partner and I  live in Florida and own rental properties  within the state.   We both have Living Trusts and the  Trusts are named on the propertiy titles.    We are setting up an LLC to be used as the owner of the property.  We are doing this for the additional liability protection and the ease of tax reporting. I have found how to set up the LLC and the Operating Procedures.   Looking to understand if I need to name the Trusts as Managing Members of the LLC vs. us as individuals.   My goal is to make sure that the percent of interest in the property stays with the trust in the event of a death of one us. Thanks

Tags: Discuss Popular Topics, Starting & Registering a Business
‹ Renter doesn't pay Rent Can My LLC & New Non-Profit Have The Same Name? ›

kmurray | Community Moderator | 1/3/2012 - 5:25 pm

Hi, Visit our page about local resources or visit SBA Direct to find your local SBA resource partners by entering your zip code. You'll be able to connect with someone to find out your state-specific guidelines.

BizResearcher | Window Shopper | 1/2/2012 - 1:48 pm

Trust laws vary by state. Your attorney can tell you whether you can name the trust as the owner of the LLC. You will want to be certain everything is done properly in case one of you dies. You don't want any unpleasant surprises for your heirs.