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I have a rental property in Az. It is not an LLC. Has been…

I have a rental...

I have a rental property in Az. It is not an LLC. Has been rented out for the last 8 months. Income and expenditure have been tracked accurately. What do I need to do to convert it to an LLC in Az now?

Accountant's Assistant: Can you tell me what state the LLC is registered in?

Az

Accountant's Assistant: Has anything been filed or reported?

No

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Answered in 7 minutes by:
11/15/2017
Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,386
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
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Welcome to JustAnswer! My name is ***** ***** I will be able to assist you today.

The first step in creating an LLC in the state of Arizona is to check for name availability. You may reserve your name with the state for free or online, which includes a $10 filing fee and $35 for expediting the process.

"Reserving a corporation or LLC name for an online fee has the advantage of immediately securing the name for 120 days so no one else can have it. Reserving the name is ***** ***** does not create the entity. The entity name is ***** ***** 120 days. "

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After settling on a name for your LLC you may complete the filing online for a fee of $50. Below is the link to apply online.

http://ecorp.azcc.gov/Entity

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If your entity is based in Arizona then you have completed the necessary paperwork to form an LLC.

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To form a LLC you do not need an independent EIN, however you can receive an EIN specifically for your LLC

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As a solely owned LLC you would be considered, by default, a disregarded entity and therefore profit and losses would flow through to your personal tax return.

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I would be happy to answer any follow up questions you may have. At the conclusion of our conversation please take a moment to accept the answer by rating the answer with three stars or more. A positive rating of five stars is always appreciated. Thank you!
Chad EA, CFP ®
Chad EA, CFP ®, Enrolled Agent
Category: Tax
Satisfied Customers: 1,386
Experience: Federally licensed IRS Enrolled Agent, Certified Financial Planner (R), MBA
Verified
Chad EA, CFP ® and 87 other Tax Specialists are ready to help you
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Customer reply replied 3 months ago
I have one final question: The house has already been rented out for the last 8 months. Is there any issue in transferring it to an LLC?
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Chad EA, CFP ®
Chad EA, CFP ®
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