LLC Seminar plannedPublished 10:24pm Friday, July 18, 2014
The Pike County Chapter of the Alabama TREASURE Forest Association will sponsor a seminar on Limited Liability Companies Thursday at Troy Bank and Trust Branch on Highway 231 South.
Jeff Bentley of TB&T will present the seminar.
The topics discussed at the seminar will include advantages and disadvantage of Limited Liability Companies, income tax, variations and flexibility and default rules.
Claire Murphy, Chapter treasurer, said the Alabama TREASURE Forest Association requested that the Pike County Chapter sponsor the seminar in an effort to assist people who inherit timberland, individually or with other members of the family.
“The seminar include ways to protect the timber and the land,” Murphy said. “There are several limited liability options — the Limited Liability Company, the Limited Liability Trust and the Limited Liability Partnership. Each one is different and meets different needs.”
Murphy said landowners want to know which limited liability option offers the best advantage for them.
“A land owner might want to know how he or she can have a say in what happens to their land when they are no longer here,” Murphy said. “Some land owners will want to know what can be done to keep their family from selling their land.”
Murphy said timberland is a valuable asset and often those who inherit it don’t realize that timber can continue to provide them with an income as well as a place for recreation.
“The best managed land almost anywhere is individually owned,” she said. “Timber provides income in about 14 years. I know of someone who cut timber and built a swimming pool for the grandkids and is now benefiting as a victim of rheumatoid arthritis.
“The family farm is also a place where families can come together. People also need to realize that their property is more than a piece of land, it’s a piece of history, it’s family ancestry.”
Registration for the Limited Liability Companies seminar will be at 6 p.m. Thursday in the lower level classroom of TB&T Branch. The seminar will begin at 6:15 p.m.