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Updated over 6 years ago on . Most recent reply

Mina George's profile image
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Mina George
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Commercial Real Estate Investing

Transfer Ownership of an LLC from one person to another

Mina George
Posted

Is there any tax to transfer an LLC from one person to another? The LLC is formed in NY and it has a commercial real estate property.

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Ellie Perlman
  • Multifamily investor
  • from Boston, MA
  • Member since Aug 15, 2017
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Ellie Perlman's profile image
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Ellie Perlman
  • Multifamily investor
  • from Boston, MA
  • Member since Aug 15, 2017
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Ellie Perlman
  • Multifamily investor
  • Boston, MA
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Ellie Perlman
  • Multifamily investor
  • Boston, MA
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@Mina George - when you buy an LLC, just keep in mind that you "inherent" all the debt as well. I had Mark Kenney on my show "Unbelievable RE Stories" and he shared a story of buying an LLC and then finding out that the previous owner was stealing from the investors. Since then, he doesn't buy LLC but create a new one. So do your due diligence because when you buy an existing LLC you get the good and the bad.

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