Re: Land Trust? - Posted by JPiper
Posted by JPiper on January 14, 1999 at 02:26:02:
Here’s how I have analyzed the LLC issue.
In my state there is no way to do a name search of what LLC/corp interests I have. If you know the name of my corp you can search and find out I am an officer. If you know the name of my LLC…same thing. But if you know my name, you can’t search for the LLC/corps I have an interest in. Or that’s what the state tells me.
Having said this, I agree with your point on the land trusts. My problem is that in the past I have used my corp as the trustee of my land trusts (they were only for purposes of DOS clause). Now as I contemplate some asset protection I wonder about the value of having my own corp the trustee, a corp that can be checked out at the secretary of state. Other possible trustees either don’t want to do it, or are too expensive. Do you have a suggestion or solution to this issue??
The LLC seems like a good solution, with or without the land trust due to the charging order methodology and the fact that my personal name can’t be searched at the secretary of state. Here the cost is $105 per LLC in one time fees. No annual renewal fees, which seems moderate.