Hendersonville, TN asked in Real Estate Law and Business Law for Tennessee

Q: Should the purchase of a commercial building be in the company's name or the owner's name for a single member LLC?

Building location: Elizabethton, TN

Building will be used for owner's business, a machine shop.

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1 Lawyer Answer
Anthony M. Avery
Anthony M. Avery
PREMIUM
Answered
  • Knoxville, TN
  • Licensed in Tennessee

A: You will need to consult with an attorney and get this advice. Many, many considerations are involved here, and there may not be a perfect answer. The LLC operating agreement must be read, applied or changed; Who will be the insured?; Liability concerns; the Member's Estate Planning; one or multiple parcels?; Administrative status of the LLC; property taxes; Tax planning; etc.

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