Quote:
Originally Posted by nickw252
In Arizona the members of LLCs are public information so Arizona LLCs aren't really used for privacy, they're used for liability/tax purposes. Gordon is not a member of either LLC that owns in the Chateau. Typically when high-profile people buy real estate through LLCs they use Delaware LLCs because the members are not public information (Remember when Palin bought in N. Scottsdale it was through a Delaware LLC).
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Palin...haha, yeah I remember that.
I am a little familiar with business/corporate law and some LLCs do not require members to disclose their identities in public filings. In AZ, the law requires that the Articles of Organization of an Arizona limited liability company contain the name and address of all members if the LLC is member-managed. Members who own 20% or more of the company are also required to disclose identities. If the LLC is held in Trust, names may not have to be disclosed and can remain confidential. LLC's are used for various purposes in these type of transactions: privacy, protection of private wealth, confidential transactions, etc...using an LLC means they hold the title...which makes it more difficult for people to determine the owner of the real estate.