Page 18 - Homeowners Manual - San Mateo County

Other ways of vesting title include as:

1� A Corporation*: A corporation is a legal entity, created under state law, consisting of one or more
shareholders but regarded under law as having an existence and personality separate from such
shareholders�

2� A Partnership*: A partnership is an association of two or more persons who can carry on business for
profit as co-owners, as governed by the Uniform Partnership Act� A partnership may hold title to real
property in the name of the partnership�

3� Trustees of a Trust*: A trust is an arrangement whereby legal title to property is transferred by the grantor
to a person called a trustee, to be held and managed by that person for the benefit of the people specified
in the trust agreement, called the beneficiaries� A trust is generally not an entity that can hold title in its own
name� Instead, title is often vested in the trustee of the trust� For example: Bruce Buyer trustee of the Buyer
Family Trust.

4� Limited Liability Companies (LLC)*: This form of ownership is a legal entity and is similar to both the
corporation and the partnership� The operating agreement will determine how the LLC functions and is
taxed� Like the corporation, its existence is separate from its owners�

*In cases of corporate, partnership, trust ownership or LLC - required documents may include corporate articles
and bylaws, partnership agreements, LLC operating agreements and trust agreements and/or certificates�

Reprinted with permission from the California Land Title Association

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