Moving a 1031 exchanged property to a partnership LLC

[Ragav Go]

Hello - I did a 1031 exchange of my single family rental property (the Title was under my personal name) to a multi-family property a couple of years ago and the multi-family property was Titled under a single member LLC (disregarded entity) where my spouse and I are the only members (and hence the P&L would come under our personal tax return) but now we would like to move it under a new partnership LLC which is partly owned by us with the goal of asset protection, reducing liability and consolidation. I would like to know the pros and cons of doing this as it appears to be beneficial from the surface but I do not want any adverse effects from tax perspectives. What are the steps involved in this process? I would like to get some guidance and advice. If there are any existing posts that covers this topic, please share it.

Thanks for your help.

[Ragav Go]

Thanks @Dave Foster for your prompt response. Yes, the transfer is mostly intended for anonymity and also hoping get some protection from direct exposure. So, based on your feedback, is the exchange of LLC, a non-taxable event? The loan is already in place so there is no immediate impact on terms. Ofcourse the grant deed and the insurance need to be changed.