LLC owns residential real estate only. State now requires LLC to get a business license therefore it no longer makes sense to keep property in LLC. LLC is in revoked status. How can we transfer property out of the LLC and into a trust?
Real Estate Attorney
All real estate is transferred by some form of deed (typically, in Nevada, a Grant, Bargain, Sale Deed or Quit Claim Deed). If your LLC is in revoked status, there are good reasons for reinstating the LLC prior to signing and recording the deed.
3 lawyers agree
Nevada’s LLC Act provides that after an LLC has been in default of its filing and annual fee requirement for 12 months, “the charter of the company is revoked and its right to transact business is forfeited.” Nev. Rev. Stat. § 86.274(2). The LLC may then pay all the accrued fees and apply for reinstatement at any time up to five years after the initial default. Nev. Rev. Stat. § 86.276. You may want to evaluate simply paying the couple hundred dollar in fees so you can properly transfer the property to the trust in the event the property is involved in litigation in the future. I suggest contacting an attorney to evaluate the details and your goals i.e. limit liability etc.