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kattorney
kattorney, Attorney
Category: Business Law
Satisfied Customers: 1169
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

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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?

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 and other Business Law Specialists are ready to help you
Customer: replied 4 years ago.

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

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?