Best and cheapest way to transfer a property from one LLC to another

[Chavdar Kehayov]

Hi, Here is the situation. I had a free and clear property under a one of my LLCs. Begging of 2009 i sold it to a friend of mine and we put the title under his LLC. Now we have a new business together and want to move this property to name of the new business (C-corp) so we can obtain some financing for our new venture. There is some taxes that we didn't pay and a tax lien against the property but we will take care of that.

What is the cheapest and fastest way to transfer ownership in NJ. Is quit claim deed what we need to do? Is there any tax issues we have to consider?

Please advise

Best Regards
Charlie

[Bill Gulley]

Hi, in this case you can use a quit-claim deed. Check with you title insurance company to see about transferring coverage to the new entity. The issues outstanding that you mentioned will flow through to as being a liability of your new entity. Good luck, Bill