Posted on: 14th May, 2009 07:52 pm
I own a duplex. I created a LLC to protect personal finances. I was told that I also have to quit claim the property to the LLC name, that the LLC alone is not good enough. Is this true?
Hi kwidmer,
This is true that you have to quitclaim the property to the LLC. Setting up an LLC cannot protect your properties. They have to be transferred to the LLC so the LLC becomes the owner of the property. Otherwise if you do not transfer the duplex to the LLC and its ownership remains with you, your creditors can come after it to recover their money.
This is true that you have to quitclaim the property to the LLC. Setting up an LLC cannot protect your properties. They have to be transferred to the LLC so the LLC becomes the owner of the property. Otherwise if you do not transfer the duplex to the LLC and its ownership remains with you, your creditors can come after it to recover their money.
Hi KWIDMER,
As Jenkin suggested , i think you should go for secon option that is do not transfer duplex to LLC and ownership remains with you
As Jenkin suggested , i think you should go for secon option that is do not transfer duplex to LLC and ownership remains with you