I have 2 LLCs and I want to transfer property to one LLC for liability protection. One LLC is a parent LLC and the other is a subsidiary of the parent LLC.
The parent LLC is the sole managing member of the sub LLC. The sub LLC is also a managing member of the parent LLC. The parent LLC has 4 managing members of which I am one.
I own a parcel of land in FL and I, as an individual, am the sole owner of the parcel. I would like to transfer all ownership rights to one of the LLCs.
> I will not be getting anything in consideration for the transfer
> My share of the LLC will not increase by virtue of the transfer
> The property will be owned equally by the other member's of the LLC
> The property is worth $25K
> The parent LLC is being taxed as a partnership
> The parent LLC sells games and the sub LLC is set up to handle real estate transactions
> I am concerned with income tax
, gift tax
consequences, and estate tax
as a result of the transfer
Which LLC should I transfer the parcel to ?