We are seeking information and guidance to determine if we should purchase a property as an individual and transfer to a LLC or acquire a business loan and have the mortgage in the company's name outright. Interest rates as an individual are nearly 2% lower and seem more streamlined to close. What are the tax implications and sharing the burden across the LLC members? How are most folks operating as a multi-member LLC and dealing with tax implications?
Just a heads up, a bank isn't likely to just put a loan on an LLC outright - you'll probably be signing a personal guarantee. That's generally the case unless your LLC is long-standing with a large history of positive cash flow/receivables, assets, experience, etc.
Thank you for the response. We are comfortable with a personal guarantee. Am curious as to how most multi-member LLCs operate from the lending point of view particularly when starting out.