Section 10.50.350. Ownership of company property.

Latest version.

   (a) Property transferred to or otherwise acquired by a limited liability company is the property of the company and is not the property of the members individually.
   (b) A limited liability company shall acquire, hold, and convey property, including real property, in the name of the company. If a limited liability company acquires an interest in property, the company holds the title to the interest and not the members individually.

Notes

History

(Sec. 1 ch 99 SLA 1994)

                    
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