Goals, Business Plans & Entities
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated over 10 years ago,
Merging SMLLC or Dissolve?
I set up two SMLLC's for liability reasons but since then, decided to buy umbrella insurance. I want to eliminate the extra paperwork and expense of owning two companies (bank fees, tax prep, insurance policies/co., spreadsheets) so I want to merge or dissolve one of my SMLLC's.
Questions:
1. Will it be easier to merge or dissolve?
2. As I am a disregarded entity in PA, I understand to merge; I have to file form DSCB 15-8958. After completing the merge of the SMLLC’s, the surviving SMLLC will be the owner of the real estate, correct? If so, will I have to pay a transfer tax on the real estate or is it just a matter of preparing a new deed with the name of the surviving SMLLC?
3. I also want to change the name of the surviving SMLLC. I understand I will have to include 2 copies of DSCB: 15-134B. After completing name change, is it a matter of preparing new deeds with just a name change, or do I have to pay transfer tax as if it were being sold to a separate entity?
Any help will be appreciated, thank you in advance, standing by....