what is the process to transfer property from an LLC to the sole owner of the LLC

UPDATED: Sep 30, 2022

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what is the process to transfer property from an LLC to the sole owner of the LLC

Owner wants to dissolve the LLC and sell the property. Owner is not a US citizen.

Asked on February 4, 2017 under Real Estate Law, Florida


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

The member (the sole owner) can simply sell the property to himself, the subsequently file the paperwork with the department of state in the state in which the LLC was set up to dissolve it. There are no special formalities involved; it can be done like selling the property to anyone else. Be aware that if the sale is not for (more-or-less) fair market value:
1) If there were creditors (including people who sued and have a  court judgment) of the LLC, they may be able to set aside the transaction as a sham or fraudulent transaction meant to hide assets from lawful creditors.
2) The owner will reap a windfall from buying the property for less than market value and will have tax consequences.

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.

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