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Richard, Attorney
Category: Business Law
Satisfied Customers: 53663
Experience:  32 years of experience practicing law and a businessman.
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i own an LLC that LLC owns the building where the business

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i own an LLC that LLC owns the building where the business resides. I am selling the building next month and moving to another location as a rental.

would it be advisable to also close the current LLC and start a new SCorp for the business so everything would be clean for the future? I want to be sure nothing from the sale of the building or the LLC can cause a problem in the future.

thank you jerry jeffkin

Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.

Good morning. It's probably a bit of overkill to just your business entity down and start up again, but if there is something about the sale of your building that you're worried about, this could possibly solve that issue if the problems don't arise too soon. I'm not sure what your business entail, but to do this, you will have to assign all contracts and assets the existing business has to the new entity. And, if a problem arises with the building you are selling in the near future, and you have gutted the existing entity of its assets, it's likely the buyer could pursue those assets that were transferred.

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