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kattorney
kattorney, Attorney
Category: Business Law
Satisfied Customers: 1142
Experience:  16 years experience with a concentration in business, corporate and contracts law
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We bought a condo in another country. It is meant to be a

Customer Question

We bought a condo in another country. It is meant to be a rental property. Can we set up an LLC in the US for a rental property abroad?
Submitted: 1 year ago.
Category: Business Law
Expert:  kattorney replied 1 year ago.

Kathie Russell :

Yes, you can set up a LLC in the US for purposes of owning the Phillipines condo and renting it out.

Kathie Russell :

After the LLC is set up, you will simply deed the property into the LLC.

Customer:

do you perform this type of service?

Kathie Russell :

Yes, however, we are not permitted to perform this service for customers of this site. We are only able to provide information. However, I could send you the form if you like, and you can set the LLC up yourself. It's fairly simple, and I could answer any questions you have about the form.

Kathie Russell :

Once the LLC is set up, then you will need a NY licensed attorney to draft the deed to convey the property to the LLC. However, that should be a reasonably inexpensive task, about $100.

Kathie Russell :

Here is the form to fill out and file for the LLC. It includes instructions:

Customer:

EXcellent! Thank you very much. The thing is, we have another property here in New york also needing to the get transferred (deed-ed?) to the LLC created for it. I would very much like a form that accomplished both. Thank you!

Kathie Russell :

Once it is filled out, you have to send it to the NY Secretary of State along with a $200 filing fee.

Kathie Russell :

This form will only set up the LLC. I can send you a form deed, however, I would strongly advise that you retain a NY licensed attorney to do the deed transfers.

Customer:

$200 for both, meaning $100 for each LLC. did I get this correctly?

Customer:

I need a NY licensed attorney for the transfer, and still need to send it to NY Secretary of state? IN other words, do I need to do both or just one or the other?

Kathie Russell :

No, sorry. There are two things you need to do: 1 - set up the LLC; and 2 - deed the property to the LLC. The form I sent you is to set up the LLC. You can do that yourself, but you must send a filing fee of $200 along with the form to the NY secretary of state.

Kathie Russell :

After the LLC is set up, then you need the attorney to convey the property to the LLC via a deed.

Kathie Russell :

That deed goes to your local (county) register of deeds, not to the secretary of state. Does that make more sense?

Customer:

OK. got that. The deed can only be done by the attorney.

Customer:

Yes, it makes sense.

Kathie Russell :

You can try to do the deed yourself, but I would strongly recommend using an attorney.

Kathie Russell :

Here is a form for the deed if you wish to try.

Customer:

Thank you very much.

Kathie Russell :

You are most welcome. Best of luck, and feel free to let me know if you have any additional questions.

kattorney, Attorney
Category: Business Law
Satisfied Customers: 1142
Experience: 16 years experience with a concentration in business, corporate and contracts law
kattorney and 3 other Business Law Specialists are ready to help you
Customer: replied 1 year ago.

Kathie, somehow I am unable to download the form or even print. any holds on the document?

Expert:  kattorney replied 1 year ago.

No, there are no holds on the document. It is a link to a site that hosts the document. Which are you having trouble with, the LLC form or the deed form?

 

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