An LLC can buy a house or own property. In fact, an LLC can own most of the things that a person can own. One of the few exceptions is that an LLC cannot be a shareholder in an S corporation. An S corporation allows pass-through taxation, like an LLC. When an LLC is organized, the Articles of Organization or Certificate of Formation includes a clause authorizing the LLC to do business. If the members desire, they can restrict the LLC to doing certain types of business which might exclude buying a house or owning property. Normally, however, the Articles of Organization or Certificate of Formation authorizes the LLC to engage in any business allowed by the laws of the state of organization. In that event, the LLC enjoys nearly all the same ownership rights as an individual does.