Am I making it too complicated? Trying to put house in LLC.

[Loren Martin]

Hi all,

I feel like maybe I’m over thinking this….

Last year my wife and I bought a townhouse as an investment to rent out to tenants. I now want put the property in an LLC to protect our liability. I have used a basic registered agent service and set up an LLC. After reviewing the paperwork I realized it is now a partnership LLC (because two people). My CPA confirms it is preferable for simplicity I should only have a single member LLC.

My question is this: which is more hassle? 

To move forward with partnership LLC ( being just my wife and I)

Or

Amending my LLC with the state?

- is it a problem to do a quitclaim deed from both of us to myself only in LLC?

As I said, am I overthinking this?

Thank you,

Loren

[James Hamling]

Your over thinking it big time @Loren Martin.

If doing LLC thinking it's going to give you some magical iron curtain of protection, I suggest you read MN state law regarding entities and how state considers them. Take special not to the term "disregarded entity".