Kentucky Statutes 275.240 – Title to property held by company
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(1) Property transferred to or otherwise acquired by a limited liability company shall be the property of the limited liability company and not of the members individually.
(2) Property may be acquired, held, and conveyed in the name of the limited liability company. Any estate in real property may be acquired in the name of the limited liability company, and title to any interest so acquired shall vest in the limited liability company rather than in the members individually.
Effective: July 15, 1994
History: Created 1994 Ky. Acts ch. 389, sec. 48, effective July 15, 1994.
(2) Property may be acquired, held, and conveyed in the name of the limited liability company. Any estate in real property may be acquired in the name of the limited liability company, and title to any interest so acquired shall vest in the limited liability company rather than in the members individually.
Terms Used In Kentucky Statutes 275.240
- Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
- members: means a person or persons who have been admitted to membership in a limited liability company as provided in KRS §. See Kentucky Statutes 275.015
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
Effective: July 15, 1994
History: Created 1994 Ky. Acts ch. 389, sec. 48, effective July 15, 1994.