going from LLC to personally owned...

[Patrick Britton]

Anyone know of the legal and tax issues arising from doing a refinance (rate/term only, no cash out) out of an LLC and into personally owned? Said another way, what might happen as far as taxes are concerned if quit claiming from an LLC into my name? And let's just assume for the moment that I own the LLC by myself, 100%.

Yes, I know corp. taxes are treated more favorably and all that jazz, but interest rates on commercial loans are much, much higher these days.  So it seems i might have a higher tax bill, but save much more on interest expenses.  

Just checking things out to see if this idea is worth considering seriously.