A California LLC (limited liability company) purchases commercial real property. Under California law, who is considered the owner of the property for purposes of title?
Correct Answer
C) The LLC itself, as it is a separate legal entity
Under California Corporations Code §17701.04, an LLC is a separate legal entity that can own property in its own name. The LLC itself holds title to the real property, not the individual members. The members hold ownership interests in the LLC, which in turn owns the property.
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Related Topics & Key Terms
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Related Concepts
Building codes are government regulations that set minimum standards for construction, materials, design, and safety in buildings. They protect public health and safety by ensuring structures are built to acceptable standards.
A certificate of occupancy (CO) is an official document issued by the local building department certifying that a building complies with building codes and is safe for occupancy. It is required before a building can be legally occupied.
A conditional use permit (also called a special use permit) allows a land use that is not automatically permitted by zoning but may be allowed under certain conditions. The use must be compatible with the surrounding area.
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