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Q: Can a family trust be a member of an llc?
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Related questions

What are the pros n cons in holding property in a llc versus holding a property in a trust?

The best way to do this is to form an LLC with the trust as the sole member of the LLC, this creates a layer of liability protection for the trust.


Can a LLC invest in its parent LLC?

Yes, a LLC, that is, a LLC that is member of a LLC, could theoretically make a distribution to its parent LLC. Although, where member(s) of the LLC that is a member of the "parent" LLC are also member(s) of the parent LLC violate certain imputed fiduciary duties, the potential arises for unlawful self-dealing to occur.


Can a family member change how the assets of a trust are distributed after they have been and this family member was not named in the trust?

The short answer is no. Only the trustee has the power to deal with the trust property and distribution. The trustee must follow the instructions as they are set forth in the trust instrument. The trust instrument should also provide for how the trust can be amended. If the family member isn't the trustee they have no power to make changes in the distribution unless they were the declarant of the trust and reserved the power to make changes.


Is an llc member liable for llc debt in Colorado?

In Colorado, an LLC member's liability for the LLC's debts is generally limited to the amount of their investment in the LLC, unless they personally guarantee the debt or engage in wrongful or fraudulent acts. Members are not usually personally liable for the LLC's debts in Colorado.


Can a member of LLC be a minor?

no


Can a minor be a member of a LLC?

no


Where can one find information regarding a single member llc?

A single-member LLC is a liability company with only one member. One can find information on a single-member LLC including tax information and forms at the IRS official website.


Can my 12yr old son be a member of my LLC Company?

You can pay your son to do work in the family business. He cannot hold office as he is not an adult.


Who signs w-9 when it is an llc?

The Business Owner if single-member llc, Accountant.


Is it wise to open a franchise business with a family member?

It really all depends on which family member. If that member of the family is someone that you can truly trust, then I would say yes it would be okay. But not all family members get along. It really depends on the chemistry between the family members.


If you are personally sued but a member of an LLC can they collect from the LLC?

Yes, but if it was reverse they wouldn't be able to coma after you personally.


Can your single member real estate llc rent to your single member business llc?

Yes. Although a single member LLC is a "disregarded entity" for tax purposes, in other respects it is treated as any other LLC. The fact that one person owns the membership interests in both LLCs does not prevent them from forming an agreement that is valid between them.