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Updated 3 months ago on . Most recent reply
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Quit Claim into SMLLC - Need to be Married SMLLC? (Community Property State)
Hi Brain Trust,
My wife and I are purchasing a property in St. Louis, MO where we are both on the loan and title. I was planning to quit claim the property into my LLC after we close on the property. My wife still needs to have at least 50% ownership in the property since she is on the loan.
I am currently the sole 100% owner of this SMLLC formed in CA. We're in a community property state, where I believe my wife is automatically considered an owner.
Would you be able to clarify if I am allowed to quit claim into this LLC as is, or if I'll need to add my wife to become a married single member LLC (married SMLLC)? If I did it that way, the ownership would read [Wife's First Name] & Michael Izbotsky as 100% owner.
I'm asking because it will save me from headaches and filing paperwork.
Many thanks in advance, and happy Thanksgiving!
Best,
Michael