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Sam P.
  • Palatine, IL
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Transferring property to LLC

Sam P.
  • Palatine, IL
Posted Oct 22 2021, 07:14

I am in the final steps of moving my first multi unit property to a LLC from our names (me and wife). Created LLC, got FEIN. These are the remaining steps I have in order

1.Initiate the quit claim paperwork and submit to county

2.Set up a bank account (should it be done before the quit claim or it does not matter?)

3.Do I need to sign a new lease for the property or only inform the tenants that the property is under a LLC now? When we purchased the property, we did not sign a new lease and only extended the lease. Should this wait for the quit claim to complete?

I get rent 2 ways

a. Through Zelle: My plan it to set up the bank account using the same phone number/email address so it is transparent to the tenants. Will this be a problem like piercing the corporate veil dea

b. from HACC for section 8 : Do I only submit a bank form for them or do I have to show proof of new owners to them?

4.Update to use LLC name for utilities

Is there anything else that I need to do or is missing?

Thanks in advance

Sam

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