LLC Question

bayoudonnie

I formed an L.L.C. after purchasing a lot to build a spec house on. I would like to know if there is a way to transfer the property and eventually the house to be built into the L.L.C. I would like the company to get the exposure as the seller of the house for advertising and getting my new business off the ground and also for the exposure after the sale. LA. has a seven year period for liability issues on new home construction. I do not expect issues to arise as I have worked with the subs that are doing the work needed before and they are trusted friends and good business associates. I would certainly like to be shielded personally though. Any suggestions?

Grumpy

AN LLC can own property. Your best bet is to call your real estate lawyer who helped you buyt he land and ask him to transfer it for you.

The problem is capitol gains.

TimWieneke

You need an attorney from your state to answer this. How about the one that set you up with the LLC?

Tim

Grumpy

Personally I'd prefer to have a lawyer who specializes in real estate transfers handling this one. Since we are acontractors we can emphasize with the situation. You don't want a plumber installing electrical wiring. You probably don't want a business lawyer handling your real estate. Sure they probably could take care of it but if a problem came up, that's where you'd be stuck!

bayoudonnie

Grumpy, that's what I'm gonna do. I just know every time I talk to my lawyer (he deals in real estate also), his fee timer is turned on. I thought I could tell him what I want to do, instead of listening to a minimum of 30 min. of his advice, and end up at the same place. I'd like to get that done if I can. When the house is sold, I would pay myself and my sons out of the profit to knock the profit margin down.