Transferring duplex from ownership to LLC

[Carlson Driver]

We (spouse and self) are in the process of transferring the duplex into an LLC (we are members) with a quit claim deal. The only benefit AFAIK is that the LLC protects us from liability. There is no other benefit with respect to taxation. And it is true that the mortgage is still owned by us as individuals and not the LLC.

Is all this correct?     

Does anyone recommend doing or not doing this quit claim step?

[Aleksandar Popivoda]

@Carlson Driver Make sure you talk to your insurance agent and let them know what you are about to do. I did the same thing as you and ran into the problems with my insurance carrier. I had to switch to a commercial policy that comes with the higher premium. 

And no, you don't need any document from your lender as long as they gave you OK with the title transfer.