Question about 50/50 partnership LLCs and transferring titles.

[Gregory Schwartz]

I'll keep this short....

My partner and I own an LLC 50/50. The plan is to use this to hold up to 5 or so properties jointly.

 I used my 50% start up funding to purchase our first duplex. The mortgage and title is currently in my name.

What is the best way to transfer the title to the LLC?

I haven't spoken to a lawyer yet, I was hoping to get educated prior to that conversation.

Thanks

[Eamonn McElroy]

@Patrick M Nichols

"Each step can create taxable events, so you'll want to run your acquisition plans by both an attorney and a CPA."

Not likely on the first half assuming the MMLLC is taxed as a partnership, which it generally should be if it's holding rental real estate.  Agree with the second half.

You're probably thinking of a corporate tax entity (C or S Corp).  Contributions to and distributions from C and S Corps are much more likely to be taxable events generally speaking.

@Gregory Schwartz

"What is the best way to transfer the title to the LLC?"

I'd encourage you to reach out to an attorney familiar with transferring titles.  I believe @Scott Smith is well versed in this area but am sure there are others.  Make sure it doesn't complicate things with your lender, especially if you currently own the building directly 100% and are transferring it to a legal entity in which you only own 50%...