Florida Land Trust Vs Llc

A family trust forms under state law but its similarities to an llc end there.

Florida land trust vs llc.

The florida land trust can be set up and used by any individual any group of individuals any general partnership any limited partnership any other revocable or irrevocable trust another trustee or trust services provider such as an out of state trust company or bank any limited liability company llc any corporation or any other type. Cindy s florida llc formations. The person who puts in the time and start up capital to launch a limited liability company is usually referred to as the member or managing member owners will often use additional titles such as president or ceo because they are more commonly. It actually established the rules for which you could use a unique trust in order to own land.

Florida land trusts vs florida llcs for real estate investors. It is the law in illinois. The term family trust refers broadly to different types of trusts created to manage and protect the assets of families. Land trust living trusts and the difference between them sometimes it s as thin as splitting hairs.

A limited liability company llc and an irrevocable trust are two of the options available to protect you against some of the risks. The first land trust law was the illinois land trust law. When used properly the land trust provides privacy of ownership ease of management isolation of liabilities and easier transferability of ownership. Illinois florida indiana virginia north dakota and hawaii.

A trust is a legal arrangement in which management and sometimes ownership of property transfers to one person for the benefit of others. Form a florida llc. The florida land trust is a unique relationship between the trustee and beneficiary that protects the identity of the property s true owner. Florida land trusts operate under section 689 071 of florida law also known as the florida land trust statute or the florida land trust act.

Here we ll take a deeper look at the differences between the two and why which one would work best in case examples. The 2 most common recommended ways to hold real property investments in florida are a florida llc or florida land trust. Exploring the pros and cons of these florida estate planning options is the stuff of this week s article. Tamiami trail ste e6.

Limited liability company llc vs. Florida land trust llc owner member.