When you form a Limited Liability Company (LLC), a common question arises: who actually owns the property the business acquires? Understanding this is crucial for legal compliance, asset protection, and proper financial management. Unlike sole proprietorships or partnerships where business and personal assets can be blurred, an LLC creates a distinct legal entity separate from its owners, known as members. This separation means that technically, the LLC itself owns the property, not the individual members directly. However, the members have an ownership interest in the LLC, and through that interest, they benefit from and control the assets held by the company. This distinction is vital for understanding liability protection and how assets are treated for tax and legal purposes. Lovie can help you navigate these complexities when forming your LLC.
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