How Do I Put Properties In A New LLC?
I own two rental properties in Florida and plan to form an LLC very soon (by myself) to move them into in order to protect my personal assets. I feel pretty confident about the LLC filing procedure -- but how do I "move" my 2 props into the LLC? I purchased them both, singly, under my own legal name within the past two years. Is deeding my props to the new LLC the only option? Advice please! 
P.S. I also use a property management firm -- beyond changing my contract with them to reflect the new LLC as the owner, anything else I should do?
Yes, deed is only way to convey to another, be it entity or person.
Just be sure your LLC corp. records, minutes, resolutions, etc. reflect that this was done as LLC bylaws require, after "meeting" of shareholders, vote, etc.
Dotting all your i's in running your LLC is the way you'll keep from having the LLC's corp. "veil" pierced by some one of your creditors someday trying to nail you individually.
You can also put the properties in LLC than LLC in Trust then record the trust instead of LLC. name your love ones as co-beneficiary and you are set for long time. This add to your privacy and additional asset protection and avoids the probate in case a fouling flower pot accident creates the cause that would force the probate.
Simple transfer can be easily explained to you by your county recorders office clerk who may hand you the necessary forms but if you cant wait to get it done and you CRO is far away, do try http://www.nolo.com for appropriate forms and instruction books covering transfer of real estate properties to trust, LLC's, Corp's and members of the family. Pretty simple stuff. Get a good cop of coffee and the right NOLO book and you'll easily get the paperwork done in no time.
And one more thing, adding your state to your profile might be helpful too to one who would like to respond from your own state.
Great advice -- will be checking out that site. Thanks to both!
"You can also put the properties in LLC than LLC in Trust then record the trust instead of LLC. "
What does this mean?
Brenda
Never heard of the LLC in trust yet, Please explain if you could, Thanx...
i think he meant naming the LLC as the beneficiary of a land trust . that or as the trustee for the land trust.
One last question on this: If I do deed the properties to the LLC, must I tell the mortgage companies? I never miss payments, adn never would, so they would have no reason to check me out. Am I required to tell them that "ownership" has changed?
TTT. I am trying to do this at the moment also.
Can any of you experienced investors shed some light please
i believe you have to disclose all tranfers, such as a living trust..all legal of course, even with ownership changing with-in that trust entitiy..
regards-pat