If I wish to open an LLC with privacy, can I use a Trust (Living, revocable, irrevocable) as the sole managing member of the LLC? Purpose being if the Trust name is vague, the LLC is essentially private.
I can obtain an EIN for the Trust, and appoint myself and a family member as trustor and trustee in the private Trust document.
Can the trust serve as the managing member/officer then? Can the trust sign the FL annual report as the managing officer? And is it a requirement to have the word "Trust" in the actual name of the Trust?
I am fully aware that third parties might not want to work with my LLC if all of the above is utilized.
Estate Planning Attorney
To answer your initial question - Yes, an LLC can be managed by a trust. How that is done and the best avenues for privacy are completely dependent upon your reasons for needing privacy and the type of business you intend to do. If you intend to provide asset protection, understand that even if your LLC is set up in an APT state (such as WY), but you reside in FL, any lawsuit against the company that is brought in FL (a non-APT state) will default to the law of the forum state (in this example - FL). You really need to speak with an attorney to determine which of the many options are best for your situation.
Carol Johnson Law Firm, P.A. : (727) 647-6645 : firstname.lastname@example.org : Wills, Trusts, Real Property, Probate, Special Needs: Information provided here is anecdotal and should not be relied upon or considered legal advice. Every matter is different and answers given here are general in nature and may not reflect current Florida law at the time you are reading this posting. Please contact me if you feel you need additional assistance with your matter.
Personal Injury Lawyer
Depends on the state law that controls the trust and LLC. You will want to talk with an attorney in your jurisdiction-it will be a quick conversation.
Estate Planning Attorney
Yes, we routinely use trusts as owners of LLCs or even as managers. I highly recommend consulting with a tax/estate planning attorney in order to make sure that everything is handled property from a tax perspective.
I agree with my colleagues, and yes, I WOULD use the word Trust, if that is what you are using. It does not pay to get creative in legal matters. You want certainty and the reasonable expectation that what you are doing is going to work. Otherwise, why bother doing it? ALL of this should be set up by an attorney. Anything else would be reckless on your part.
***Please be sure to mark if you find the answer "helpful" or a "best" answer. Thank you! I hope this helps. ***************************************** LEGAL DISCLAIMER I am licensed to practice law in the State of Michigan and have offices in Wayne and Ingham Counties. My practice is focused in the areas of estate planning and probate administration. I am ethically required to state that the above answer does not create an attorney/client relationship. These responses should be considered general legal education and are intended to provide general information about the question asked. Frequently, the question does not include important facts that, if known, could significantly change the answer. Information provided on this site should not be used as a substitute for competent legal advice from a licensed attorney that practices in your state. The law changes frequently and varies from state to state. If I refer to your state's laws, you should not rely on what I say; I just did a quick Internet search and found something that looked relevant that I hoped you would find helpful. You should verify and confirm any information provided with an attorney licensed in your state. I hope you our answer helpful!