WY Holding LLC owning a Florida LLc - how to manage it ?

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WY Holding LLC owning a Florida LLc - how to manage it ?

Marco Renza
Member since 2020 · 2 posts · 0 votes

Hi everybody.

I'll be straight. I would like to know how to manage (as Manager) a Florida LLC with all its Real Estate properties when the Florida LLC is 100% owned by a Wy Holding LLC. what I mean is, I would like to know the procedure to act as manager of the Florida LLC without losing the benefits, all the benefits related to asset protection, of having a WY Holding LLC.

Is there anybody who can help me out in this matter ?

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  • Simon W.Business Member
    Real Estate Consultant · Lehigh Valley PA & New York City · Member since 2013 · 1k+ posts · 665 votes
    5y

    @Marco Renza do you own any of those LLCs?

    Accounting Properties LLC
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    CFO LLC
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  • Mike S.
    Investor · Broward County, FL · Member since 2018 · 1k+ posts · 938 votes
    5y

    @Marco Renza

    If your FL LLC are member managed and the WY LLC is the sole member, then the WY LLC make the decision for the FL LLC and will sign as member.

    If your FL LLC is manager managed then the member of the FL LLC can decide who is the manager.

    As long as both your FL and WY LLC are setup correctly, who managed the FL LLC would not change your liability protection as long as you are following your operating agreement.

    If for anonymity reason you don’t want to sign in recorded documents with the full chain of ownership, you can also create officer position in your operating agreement and have that officer sign the documents.

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  • Marco Renza
    OP
    Member since 2020 · 2 posts · 0 votes
    5y

    Mike,

    It is hard for me to properly show you my gratitude for your message.
    I am from Italy and I am not used to receive such a prompt and kind reply.
    Thank you.

    I think you did catch the point.

    My FL LLC owns rentals in the Palm Beach County and now is properly owned 100% by the WY LLC.
    The FL LLC is Member Managed and the WY LLC is the FL LLC sole member.

    I understand that that means that the WY LLC can make decision for the FL LLC signing as member.

    My question is the following:
    Since I do have to file Articles of amendment with Sunbiz for the FL LLC, changing not only the passed members with the WY LLC as new sole member, but also changing the passed manager, I need to understand how I can have the WY LLC sign the future documents as Managing member.

    I do mean: I would like to avoid to sign with my own name (WY LLC Owner) on behalf of the WY LLC, right for anonymity reason, as you understood well.

    So when you write that I can also create an officer position in my operating agreement and have that officer sign the documents, which is pretty shareable to me, I wonder which LLC as to creat that position? The WY LLC or the FL LLC?

    Once again a super thank you.

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  • Mike S.
    Investor · Broward County, FL · Member since 2018 · 1k+ posts · 938 votes
    5y

    If you need to sign for the Florida LLC, you can create officer position in the Florida LLC and have that officer sign on behalf of the LLC.

    You will still have however in Sunbiz to list your WY LLC as member. You don't have to list the manager as it is member managed.

    If you want to mask your WY LLC from public record, you can create a personal property trust that will be the member of the FL LLC, that trust being owned by the WY LLC.

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