Taking Title as a Limited Liability Company
One of the choices for taking title in Wyoming is taking title as a Limited Liability Company (LLC). Once more, for me to even try to explain it in my own words is ridiculously out of my league! So here is a nice explanation taken directly, word for word, from:
Modern Real Estate Practice, Seventeenth Edition
by Fillmore W. Galaty, Wellington J. Allaway and Robert C. Kyle
2006 by Dearborne Financial Publishing, Inc. (pg 143)
"The limited liability company (LLC) is a relatively recent form of business organization. An LLC combines the most attractive features of limited partnerships and corporations. The members of an LLC enjoy the limited liability offered by a corporate form of ownership and the tax advantages of a partnership. In addition, the LLC offers flexible management structures without the complicated requirements of S corporations or the restrictions of limited partnerships. The structure and methods of establishing a new LLC, or of converting an existing entity to the LLC form, vary from state to state."
Hopefully, this provides a general idea of what an LLC is. Only an attorney can advise whether or not taking title as a Limited Liability Company might work for you.
*This information is intended only to provide further clarification of real estate issues in Laramie, Wyoming. I am not an attorney.
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