Updated about 3 years ago on . Most recent reply
Transferring ownership of LLC that holds property
So I've got two rental properties. Both of them are held under the same LLC, and there are 3 owners total. (Me and two other guys). The properties and the LLC are in South Dakota. We have come to an agreement for one of the partners to buy out the other 2. It seems to me the easiest way to handle it would be for me and the other seller to transfer our ownership of the LLC into the buyers name.
What documents need to be filed for this?
What are some of the mistakes I should look out for in a transaction like this?