Upcoming sale/transfer of a property

[Colleen Carnahan]

Hello,

My husband and I are looking into selling of our first rental property. We bought it in 2010 as a primary residence (so under our personal name), and later converted it to a rental (still under our personal name). We want to use the profits from the sale to help fund our newly formed real-estate business, and get into a more profitable property. 

I've been advised to do a 1031 exchange in order to avoid capital gains taxes. My question is this: we've set up an LLC to make purchases and do business going forward, but got this property prior to setting all of that up. Is there a way for me to do the 1031 exchange sell the property that's under my individual name, but buying the next property under my business name? I'm not all too familiar with 1031 exchanges and this will be the first real-estate sale that I've ever been a part of, so I'm not entirely certain the logistics of what is involved. Thanks for your help!