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How do you transfer assets that are owned by you personally into your new LLC?
In this audio snippet, you'll hear about:
- Generally very simple, depending on operating agreement of LLC, can be as simple as signing title over to the LLC
- Those assets could then be collected in a law suit
Audio Transcript
Travis:
Yosef, how do you transfer assets that are owned by you personally into your new LLC?
Yosef:
Generally very simple. Again depending on what the operating agreement
of the LLC requires, it could be as simple as just signing the title
over to the LLC. But again there can also be complications. Sometimes
once after the assets are transferred over to the LLC and they become
property of the LLC and the LLC gets sued, those assets can be
collected on them, to satisfy any credit or judgment.
Travis:
OK, makes sense.
Yosef:
Sometimes the arrangements are enabled by if you have an asset you can lease it to the LLC.
Travis:
Ah interesting.
Yosef:
Yeah but again it's going to depend on the factors of each case and situation.
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