I am one of the members of an LLC that has subsidiary LLCS. Each Subsidiary has properties. What is the processes and requirements for a subsidiary LLC to sell a property? And what is the best way to the proceeds to be handled to keep the taxes from being too high? WHere is the best place to get this kind of information?
The owner of record -- the one shown as the grantee in the current deed recorded among the land records -- will need to execute the deed transferring the property.
So let's say you acquired the property in the name of LLC1 (the owner of record) and subsequently ownership of this particular property/membership interests representing it was transferred to a subsidiary LLC2.
LLC1 will be signing the deed. Presumably the ink will be from Manager of LLC2, the duly authorized member of LLC1, but there could be several ways to structure this. The point is that only the owner of record can transfer the property or there would be a break in the title chain.
Taxes are for accountants.
Thank you Tom for the info.
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