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Updated over 4 years ago, 08/10/2020
Revocable trust and LLC with 2 members
My friend and I have committed to investing in a multifamily deal in Texas and we are thinking of creating an LLC with both us being the managing members. I would like to know if the membership has to be in my name or can my revocable trust be a member? The reason being, I'm not sure how will the assets be handled in the LLC if I'm no longer there.
Of the three options, which ones are possible and recommended to be the members.
Individual (me) - Individual (friend)
Trust (me) - Individual (friend)
Trust (me) - Trust (friend)
Thanks.