How to transition a property from Sole Proprietor to LLC?

Question

Hi All,

I read a bunch of different forum posts on the different approaches, but was curious if anyone had the tactical (step by step) process for this question.

1. What is the step-by-step process to transition an existing triplex from being owned personally into an LLC?

2. Moving forward, how do I set myself up so that I do not need to do this moving forward, but can buy every future property under an LLC?

- Do I need to/should I work with an attorney and/or CPA?

I feel like I'm making this harder than it needs to be, so I was curious if any one had a K.I.S.S. (Keep it simple stupid) process for how they work through question 1 and question 2 step by step?

Thank you in advance for anyone willing to share how they approach these instances.

Nick Zasowski

Ashish Acharya · Answer

- Transferring a property is very easy and fairly cheap. However, complication comes when you have multiple people involved and you acquired property under one name.

- Depending on your strategy, lender will want this to be on your personal name, so you mighty not want to put this in LLC to begin with.

How to transition a property from Sole Proprietor to LLC?

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