Posted by Rich-CA on October 19, 2007 at 20:13:17:
I would not move the property from the LLC if I managed to buy it into the LLC. Instead, file an amendment to your articles showing the buy out of your brother’s share of the LLC.
LLC & property title transfer - Posted by Steve
Posted by Steve on October 19, 2007 at 13:07:07:
I’ll keep it as brief as possible. Formed LLC w/brother in Jan 07. April 07 brother quit. May 07 I bought property and rehabbed it. Property is titled in LLC’s name. I’m trying to get a loan now using house as collateral and bank says they can’t get clear title policy due to brother’s name still on record with state in articles of organization. Brother willing to sign docs stating he quit and releasing all interest in LLC. Bank’s attorney says I should transfer title to myself in order to fund loan. If I do this, won’t this create a huge tax liability for myself? Can’t I just amend the articles of organization now to remove brother as member? Do I need to form a new LLC, transfer property title to new LLC, then dissolve old LLC?
Help!
Re: LLC & property title transfer - Posted by Steve
Posted by Steve on October 20, 2007 at 05:39:51:
Thanks. That seemed to me like the most practical thing to do. Just wasn’t sure if I could amend the articles. Again, Thanks.