New partnership does his land need to transfer to new llc?

[Lucero Sanchez]

Hello BP,

I hope someone can help me with a question I have.

A friend of ours recently got his GC license and asked if we would like to open a business building spec homes together. We agreed and have now opened up an LLC under partners name and our name. He is putting in the land which is free and clear and under his name and where we plan to build the first spec home. He is also putting in 50% of the money to build and we are putting 50% of the money plus the legwork. So my question is do we need to transfer the land to the llc now?

My husband and I have always flipped and built on our own. So this is a first with a partner.

Thank you.