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JBaxLaw, Attorney
Category: Business Law
Satisfied Customers: 11396
Experience:  Experienced in business formation and licensing issues
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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: 7 years ago.
Category: Business Law
Expert:  JBaxLaw replied 7 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.

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