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Updated over 2 years ago on . Most recent reply

User Stats

4
Posts
3
Votes
Adam Wright
  • Investor
  • Dallas, TX
3
Votes |
4
Posts

Transferring a property from personal name to an LLC

Adam Wright
  • Investor
  • Dallas, TX
Posted

So, I was in the process of rolling on of my properties into an LLC for liability reasons, and ran into a bit of a hiccup. I have a parent LLC that my wife and I each have 50% ownership of, and then a child LLC that the parent LLC owns fully. When trying to transfer the property into the child LLC, the bank was unable to proceed with the title transfer because I "don't own a majority of the LLC". Is this a common reason for denial and, since I now seem to be stuck, is there any recourse or options on where to go from here? I was thinking of rewriting or altering our parent LLC agreement to have my wife allot me some of her shares so I have a majority stake, but wanted to get thoughts on whether this is the best route or is there's other avenues I haven't thought of? Thanks for the help!

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