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Can I purchase Franklin county, NY land zoned residential in my biz name (llc)? it's a cash sale what are the correct steps?

Malone, NY |

Vacant rural Site: Res 1 In Ag. District: No
Zoning Code: 01 -

type of business- Cabin Rental

Attorney Answers 2

Posted

Real property is held in individual names or entities for a variety of reasons. These may include but are not limited to: Personal liability, taxation, credit protection, or estate planning.

Zoning ordinances or laws affect only the way a property is used. They are not relevant to the way title is held.

Accordingly placing title in an LLC should not run afoul of any zoning laws or ordinances.

Note: This response is for general informational purposes only. No attorney-client relationship is created. No responsiblity shall be taken by the submitting attorney for any individuals acting pursuant to any information contained herein.

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Konstantin Parkhomenko

Konstantin Parkhomenko

Posted

Fantastic answer!

Posted

Your business can purchase and own property just like an individual. However, how the property is developed, utilized and regulated will be determined by the local zoning codes enacted by your city or county government.

Of course, such a purchase will subject your business to property tax liability and depending on the type of business you run, such a purpose could raise the eyebrows of your investors, shareholders, corporate officers, etc. There could also be corporate tax consequences for your business and you should contact an accountant or attorney in New York to seek advice on those issues.

My answers on Avvo.com are intended to help clarify the legal process in your situation to the extent possible on this website. Criminal law can be very complicated and very serious. Every case is different and my answers are not intended to serve as legal advice unless so stated. If you have been charged with a crime you could be placed on probation or face incarceration. Please contact an attorney if you think you need legal advice in a criminal matter.

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