LLC, What is it? - Posted by David


#1

Posted by Bill Gatten on January 20, 1999 at 18:56:24:

Jason,

Touchet! Good catch! Urab so lutely right!

Don’t you just hate it, David, when people who know what they’re talking about butt in.

Best regards,

Bill


#2

LLC, What is it? - Posted by David

Posted by David on January 19, 1999 at 18:51:26:

I know this is a stupid question, but what is a LLC, Land contract? IF so, what is a Land Contract?


#3

Re: LLC, What is it? - Posted by Jason-DTX

Posted by Jason-DTX on January 19, 1999 at 23:49:07:

Actually a LLC stands for “Limited Liability COMPANY” It is an entity that has similarities with a corporation and similarities with a partnership. All corporations have limited liability so saying “limited liability corporation” is no different than saying “corporation” It is understood that “corporation” means "limited liability"
I don’t mean to offend anyone below I am just trying to explain the difference.
Jason


#4

Re: LLC, What is it? - Posted by Bill Gatten

Posted by Bill Gatten on January 19, 1999 at 19:39:10:

David, you’ll get a dozen answers to you question, so mine is rather moot at this point; but “LLC” generally stands for Limited Liabiliy Corporation; and a “Land Contract.” also known as a "Land Sale Contract, “Contract for Sale,” “Contract for Deed,” “Contract for Warranty Deed,” etc.) is essentially a “lay-away plan.” I.e., You buy the house on a contract promising that when it’s paid for, then you’ll get the deed.


#5

Re: LLC, What is it? - Posted by Bill Mooney

Posted by Bill Mooney on January 19, 1999 at 18:55:23:

LLC is a Limited Liability Corporation. It is a form of an organization. It has nothing to do with a land contract…that is unless an LLC owns or is purchasing a piece of real estate with a land sale contract.

Bill