How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask JBaxLaw Your Own Question
JBaxLaw, Attorney
Category: Business Law
Satisfied Customers: 11331
Experience:  Experienced in business formation and licensing issues
Type Your Business Law Question Here...
JBaxLaw is online now
A new question is answered every 9 seconds

How do I transfer my property from my personal to the busi

Resolved Question:

How do I transfer my property from my personal to the business?
Submitted: 6 years ago.
Category: Business Law
Expert:  JBaxLaw replied 6 years ago.
If the business is an independant entity such as a corporation or other LLC, then you may quitclaim the property to the business. There should be a written contract as well assuming you are selling the property.

This will not impact any debt owed on the property. If debt is owed, the financing agreement will contain a provision for acceleration of the amount dueupon transfer without a pay-off. This would essentially mean that the lender could call the note immediately due.

Also, be aware that if the transfer is not in exchange for fair market value, then a creditor attempting to reach the asset could probably still satisfy a personal judgment by accessing that property. The creditor in such a situation would be utilizing the state fraudulent converyance laws.

Thank you

Please click on the ACCEPT button for my answer so that I receive credit for assisting you. You may continue to ask follow-up questions after accepting. If the information is helpful, I would very much appreciate positive feedback. Bonuses are also appreciated. The responses do not create an attorney-client relationship and are informational only.

JBaxLaw and 4 other Business Law Specialists are ready to help you