Key Takeaways
– It is important to know who owns a limited liability company (LLC) when purchasing properties.
– LLCs are commonly used to protect personal assets and obscure ownership.
– State databases can provide information about LLCs registered within the state.
– Visiting local county clerk’s or Secretary of State’s offices can provide more information.
– Submitting an information request form to the Secretary of State’s office may be necessary for out-of-state LLCs.
Introduction
When purchasing commercial or residential properties, it is crucial to have a clear understanding of who owns the property. This knowledge helps ensure that the transaction is legitimate and that the property is not encumbered by any legal issues. However, determining the ownership of a property can be challenging, especially when it is held under a limited liability company (LLC). In this article, we will explore various methods and resources to find the owner of an LLC, providing you with the necessary tools to make informed decisions in your property transactions.
State Databases
One of the primary resources for finding information about LLC owners is the state database. Each state has a Secretary of State or Secretary of the Commonwealth office that maintains a database of registered LLCs. These databases can be accessed through the respective state’s website, usually under a business or corporation section. By searching the database using the LLC’s name or identification number, you can obtain information about the LLC, including its registered address and the names of its owners or members.
Limitations of State Databases
While state databases are a valuable resource, they have limitations. Firstly, they only contain information about LLCs registered within the state. If the LLC you are interested in is registered in another state, you will need to explore alternative methods. Additionally, state databases may not provide detailed information about the owners, such as their contact information or percentage of ownership. Therefore, while state databases can provide a starting point, they may not offer a comprehensive picture of the LLC’s ownership.
Local County Clerk’s or Secretary of State’s Offices
If the state database does not yield the desired results, visiting the local county clerk’s or Secretary of State’s office can provide additional information. These offices often maintain records related to property ownership, including LLCs. By visiting in person, you can access public records and obtain more detailed information about the LLC, such as the names and contact information of the owners. However, it is important to note that not all county clerk’s or Secretary of State’s offices may have the required information, especially if the LLC is registered in another state.
Submitting an Information Request Form
In cases where the LLC is registered in another state and visiting the local office is not feasible, you can submit an information request form to the Secretary of State’s office. This form allows you to request specific information about the LLC, such as the names and contact information of the owners. While this method may take time, as it relies on the response from the Secretary of State’s office, it can provide the necessary information to determine the ownership of an out-of-state LLC.
Conclusion
Knowing who owns a limited liability company (LLC) is essential when purchasing properties. While state databases can provide information about LLCs registered within the state, they may not offer a comprehensive picture of the ownership. Visiting local county clerk’s or Secretary of State’s offices can provide more detailed information, but it may not be available for out-of-state LLCs. In such cases, submitting an information request form to the Secretary of State’s office is necessary. By utilizing these methods and resources, you can navigate the complexities of LLC ownership and make informed decisions in your property transactions.
