FLORIDA BAR ETHICS OPINION
November 1, 1962
Advisory ethics opinions are not binding.
Provided certain conditions are met, there is nothing unethical in a lawyer organizing a holding
company consisting of himself and other members of his family, who immediately give him full
authority to act on behalf of the corporation, to receive title to real estate and other property of
Chairman Holcomb stated the opinion of the committee:
A member of The Florida Bar posed a question to the Professional Ethics
Committee as to whether there is anything unethical in an attorney organizing a
holding company consisting of himself and two members of his family, who
immediately give him full authority to act on behalf of the corporation, and then
the attorney using the corporation to receive title to real estate and other property
for clients, and opening a bank account to receive funds of clients, but the
corporation owns nothing in its own right and never has property or money of
anyone except his clients and himself, no charge being made on behalf of the
corporation or the attorney for this service.
The Committee finds nothing improper or unethical, except as it might be unlawful for
such a corporation to function without qualifying as a trust company under the law, and so long
as a full disclosure is made to clients that the corporation consists of the lawyer and members of
his family and has no assets other than those of the clients and that the clients are also informed
that their properties, as well as those of other clients, will be held by the corporation.