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

Asked almost 2 years ago - Malone, NY

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

type of business- Cabin Rental

Attorney answers (2)

  1. Noah D. Cohen

    Contributor Level 11

    4

    Lawyers agree

    Answered . 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... more
  2. Byron David Flagg

    Contributor Level 11

    1

    Lawyer agrees

    Answered . 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... more

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