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LEGAL ENTITY

 

 

Florida Mortgage Corporation offers a mortgage where the TITLE to the residential property is retained in a format other than a natural person or individual. The TITLE would be in the name of the legal entity.

Mortgages to legal entities include Trusts, Corporations, Partnerships, LLC, and LLP. The residential property title can be held by these legal entities with certain restrictions.

   Personal guarantee required

   Note requires personal signature

   Remaining mortgage documents shall be executed in the name of legal entity

   Copy of legal entity documents must be reviewed by an underwriter 


CORPORATION

A corporation is a separate legal entity that exists independently from its owners. A corporation comes into existence when articles of incorporation are properly created and maintained, filed with the prescribed fees, and accepted by the Florida Secretary of State.

Any entity that transacts business in Florida as a corporation is required by Florida Statutes to file documents of incorporation with the State of Florida and pay the filing fee.


LIMITED LIABILITY COMPANY (LLC)

The LLC is a type of hybrid business structure that is designed to provide the limited liability features of a corporation and the tax efficiencies and operational flexibility of a partnership. A popular choice for sole proprietors who are looking to incorporate simply to protect personal assets or secure additional loans, the LLC is thought to be one of the easiest and least expensive forms of ownership to organize. 


PARTNERSHIP

The partnership form of doing business is noted for its simplicity and ease of formation. A general partnership can be formed with nothing more than a simple agreement.


TRUST

A trust is an arrangement whereby money or property is owned and managed by one person (or persons, or organizations) for the benefit of another.


We do NOT offer any legal advice. Consult with your attorney regarding the various legal entities that may be suitable for your personal situation.


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