Corporation as Trustee in Texas? - Posted by Mike DFW

import · July 16, 2002, 10:18am

Posted by Bud Branstetter on July 17, 2002 at 23:14:24:

An LLC in Texas pays a franchise tax just like a corporation. I would suspect any LLC, LP or foreign(NV) entity would be the same. The law would require the entity to be licensed, bonded, audited, cash reserves etc,

import · July 16, 2002, 10:18am

Posted by Mike DFW on July 16, 2002 at 10:18:09:

Setting up a Land Trust for a property in Texas–

Is it still true that an INDIVIDUAL has to be named as the trustee of a Land Trust in Texas, or can you use a CORPORATION or LIMITED PARTNERSHIP (like a Nevada Corp.) as Trustee for privacy/disclosure purposes?

And–is this a Texas State law or is it up to the individual counties?

Thanks!

import · July 16, 2002, 12:04pm

Re: Corporation as Trustee in Texas? - Posted by Bud Branstetter

Posted by Bud Branstetter on July 16, 2002 at 12:04:20:

Mike,

I think both Bronchick and Brian Dunklin have commented on this. If a corporation is used it would be subject to the banking and trust company laws. If you used your own corporation for your own properties you would likely not be bothered. At the same time you are losing some anonimity. Texas corporation officers are public domain.

Best bet is to trade off being trustee. A number of us do it.

import · July 17, 2002, 6:00pm

LLC as Trustee in Texas? - Posted by Lee

Posted by Lee on July 17, 2002 at 18:00:42:

Is the same also true for a Limited Liability Company?

If so, what is it about the banking and trust company laws that make them a problem?

import · July 16, 2002, 12:35pm

Re: Corporation as Trustee in Texas? - Posted by Mike DFW

Posted by Mike DFW on July 16, 2002 at 12:35:02:

Bud,

What about using a Nevada Corp. as trustee (for anonymity)?

Or just naming yourself the trustee and your LP as beneficiary?

Thanks again.