Q: Establishment LLC
I hope you are doing well and business is booming.
I'm trying to set up a legal entity in the state of Wyoming. The business structure of the organization is an LLC.
There is a clause in the Operating Agreement that says the following:
"Title to all Company property will remain in the name of the Company. No Member or group of Members will have any ownership interest in Company property in whole or in part"
Could you please explain what this means?
It means that any LLC property (business assets, such as computers, phone systems, POS, real estate, vehicles, etc.) are owned by the LLC and not owned by any of the owners/members of the LLC personally. These business assets are the property of the LLC and not property of the owners of the LLC.
I hope this clarifies this for you.
1 user found this answer helpful
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