Legal Question in Real Estate Law in Utah

Family Property

My family would like to set up an organization where family members pool their money to purchase recreational vehicles and property to be shared among the family. We would like to be able to share these vehicles with friends but don't want family members to be liable for accidents that may occur on these vehicles. We are concerned about getting an insurance policy for all family members to use the equipment and set up a method to collect monthly dues. What is the best organization to use to set up a program like this (a trust, a nonprofit corporation, etc.)?


Asked on 2/11/08, 5:13 pm

1 Answer from Attorneys
Alvin Lundgren Alvin R. Lundgren, L.C.

Re: Family Property

I recommend a LLC - but with properly drafted operating agreements which set forth the respective interests and liabilities of each member. This is not a simple task, you should have the assistance of an attorney. If not properly done you will wind up with a mess.

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Answered on 2/12/08, 11:08 am


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