Legal Question in Business Law in West Virginia

Re: Llc

You should consult both a tax advisor as well as a lawyer. Ownership of corporate stock is an asset as any other. The general rule in West Virginia is that all assets acquired during the coverture of a marriage is marital property. One could agree otherwise prior to a marriage or during a marriage or as part of a property settlement in connection with a separation or divorce. Ordinarily, it is not wise to take title to real estate in a corporation. If sold for a gain, the corporation will pay tax on the profit and the stockholders will pay tax on the dividend that is distributed to them, hence double taxation. Most speculators in real estate form an LLC for that purpose and elect to individual or a partnership taxation.