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Updated 3 months ago on . Most recent reply presented by

User Stats

9
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7
Votes
Michael Izbotsky
  • Financial Advisor
  • Los Angeles
7
Votes |
9
Posts

Quit Claim into SMLLC - Need to be Married SMLLC? (Community Property State)

Michael Izbotsky
  • Financial Advisor
  • Los Angeles
Posted

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

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