How to change property ownership from individual to business name
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
How to change property ownership from individual to business name
I want to take property ownership out of my name and put in my business name.
Asked on June 23, 2009 under Real Estate Law, Georgia
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 14 years ago | Contributor
Is this real estate or other business property? And if real estate, is there a mortgage on it?
Also, when you say in the "business name," I will assume that the business is a corporation or LLC or other entity that has its own, separate legal existence. If it's just a d/b/a--i.e. a trade name that you use--then then there's no point in "transfering" ownership--it's still all you. So assuming it's an LLC or corp:
If it's real estate with a mortgage, you'd have to pay off the mortgage in order to transfer it typically--best way would be to have the business buy the property from you, whether for cash or by getting its own mortgage or other loan or line of credit.
For property w/out a mortage, whether real estate or otherwise, you're options to put into the busines name are either (1) to sell it to the business; or (2) to donate it to the business (after all, if you own it free and clear, you can do what you want with it.) Of course, if you own the property jointly with someone else, all you can transfer without their consent is your interest in it.
Since these routes have very different tax consequences for both you and your business, assuming you're talking about any substantial value of property, consult with a tax attorney and/or a good accountant to figure out what makes the most sense. The wrong choice could hit you or the company with a hefty tax bill; right choice could save you on taxes.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.