Ownership of limited liability company property
Known as the Small Business Entity Tax Pass Through Act
The act spans §§ 4–4 (91 sections).
Applied in 2 court decisions — leading case Farmers Bank & Trust Co. v. Chickasaw Properties, LLC (In re Burrow) (2013)
Most recently applied in Farmers Bank & Trust Co. v. Chickasaw Properties, LLC (In re Burrow) (December 2013)
Acts 1993, No. 1003, § 701.
(1) Property transferred to or otherwise acquired by a limited liability company is 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 interest 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.
Current official text: Arkansas General Assembly. Digitized from the UniCourt Code Improvement Commission public-domain capture. Reproduced from public-domain Arkansas statutes; confirm against the official source for the current text. Not legal advice.