(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.
Section: 10.50.350 10.50.355 10.50.360 10.50.370 10.50.375 10.50.380 10.50.385 10.50.390 NextLast modified: November 15, 2016