Partnership Deal while LLC is being opened

[Jeremy Bohnett]

Hi everyone! I'll try to make this as simple as possible.

My business partner and I are opening up an LLC in Arkansas but the process is held up for 2-6 because our registered agent had to fax a form to the IRS to receive EIN.

We are currently in negotiation with a seller to buy a property and could be under contract tomorrow. For simplicity sake, I'm thinking we'll make a cash offer and then transfer into LLC once it's established. I will be the one providing the cash for this purchase as I have it more readily available than my partner does. He plans to contribute his cash to the LLC when we open our account.

Would I create any tax or ownership issues if I bought this property in my name in cash and after closing transferred it into our LLC where we both have a 50/50 ownership? (Yes, I would have him deposit much more since I'm bringing the property into the LLC). Once the property is in the LLC, we would look to refinance. Am I over complicating this or is a good way to accomplish what we're looking to accomplish?

[Steve Hall]

@Jeremy Bohnett Cart before the horse. Put in an offer first. By the time they counter and you counter - you've eaten up a week. Assuming you come to an agreement, make sure your last counter offer increases your closing date to 45 days (or more). This will give you time to get your affairs in order. 

Remember, success happens when opportunity meets preparation.