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.
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.
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