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When I transfer property from one LLC to another, do I have…

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When I transfer property...

When I transfer property from one LLC to another, do I have to change title

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

I want to start a new LLC and transfer property that I own free and clear from the old LLC to the new.

Accountant's Assistant: Is there anything else the Accountant should be aware of?

By changing the LLC do I have to change the title of the property or can I just register the new LLC

Submitted: 8 months ago.Category: Tax
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Answered in 1 minute by:
12/6/2017
Tax Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,881
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
Verified

Hi. My name's Lane.

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice 1986.

If you’ll please bear with me for a minute I’ll type up my initial response, and then we can go from there if you have further questions on this

...

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago

You have to re-title the property to the LLC. ... Setingup (registering a new LLC with your Secretary of state) an LLC and doing nothing else leaves you with an LLC that owns nothing.

...

It's important to note that all corporate law (corporations, LLCs) is state law and it's that state law that provides the corporate liability protection.

...

Property law is also state law. So just because, from a TAX perspective, IRS disregards ***** ***** LLC's, doesn't mean that you won't need to re-title at the state level.

...

Said differently, the property won't be OWNED by this new LLC until the deed says so.

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Tax Professional: Lane, JD, CFP, MBA, CRPS replied 8 months ago

If you're certain of clean title, you can do this with a quit-claim deed.

...

Please let me know if you have ANY questions at all, before rating me.

If this has helped, and you DON’T have other questions … I'd appreciate a positive rating, using the stars on your screen, and then clicking “submit" – That’s the only way I’ll be credited for the work.

...

But again, if you need more on this, please let me know.

Lane

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