property in another state
I own property in another state. I have a LLC. in my state. Can i put this property in my LLC? And get liability protection?
Re: property in another state
Of course you can put the property in your LLC's name. Most counties charge a transfer tax of about 6% to change the deed from your name to your LLC. If liability is your only concern, without knowing more about your situation, consider simply purchasing a larger home ownership insurance policy. Also, before transferring the property, consider the tax implications of the move. Your LLC will not be able to take advantage of any the property's appreciation without paying the capital gains tax. You should talk with a tax professional or tax lawyer before acting.
Good luck.
