Transferring the property in the LLC
Hi everyone, I would really appreciate if someone can clarify the following for me.
I own a triplex in Illinois. A few months ago I created an LLC with the intention of transferring the property into it. The lender seems to be ok with that, but my insurance agent told me that the insurance will have to be changed once it's in the LLC , and it will likely change the rate. And I cannot use my current insurance company for umbrella because they don't cover properties in LLC. My question though isn't about LLC vs not.
My question Is it ok if I run the business via the LLC, like having it on the leases, separate bank account, etc? But the property will remain under my name for now? I fully understand the "asset protection", "piercing corporate veil", and "commingling funds" part and that I won't have the protections offered by the LLC. I will get an umbrella insurance. I already have a signed and notarized quitclaim deed, but now I am having 2nd thoughts if it's worth the hassle and potential increase in insurance costs to transfer the property into the LLC. I am planning to get more properties overtime. I am going to keep the LLC regardless because it helps me to stay more organized in terms of bookkeeping, having separate accounts for business expenses etc
I am sorry if my explanation is confusing, its all clear as mud
Thank you to all who take time to respond