It is very common for a business owner to bring that business’ premises or land into a limited company with the rest of the business upon incorporation, or to place those assets within the partnership through a capital account.  

However, plenty of business owners will retain the premises or land personally, perhaps also charging their business rent to give themselves an extra source of income. Placing land and buildings into a limited company in particular can cause issues with stamp duty land tax; and maybe the owner does not want the asset’s ownership being shared with other partners or shareholders.