Forming an LLC in North Carolina (Charlotte, Davidson: rental, mortgage, attorney)

[BobosCurse]

There are many websites that offer incorporation services. The price varies pretty widely.
Can anyone here recommend one that you've used to create an LLC? I want make sure I get a complete package.

Also, I want to quit claim the deed of a rental property and transfer it into the new LLC.
Anyone know what I would expect to pay for that?

[Chromekitty]

If interested DM me, I will be happy to give you the name of our corporate attorney.

[GCharlotte]

Originally Posted by BobosCurse

There are many websites that offer incorporation services. The price varies pretty widely.
Can anyone here recommend one that you've used to create an LLC? I want make sure I get a complete package.

Also, I want to quit claim the deed of a rental property and transfer it into the new LLC.
Anyone know what I would expect to pay for that?

For the quit claim, check the local office stores. I think I've seen forms there. Basically fill in the blank.

You can also go to Welcome - Mecklenburg NC Web Access and search on QCDs for examples but the form should be simple and cheap enough.

[BobosCurse]

Originally Posted by GCharlotte

For the quit claim, check the local office stores. I think I've seen forms there. Basically fill in the blank.

You can also go to Welcome - Mecklenburg NC Web Access and search on QCDs for examples but the form should be simple and cheap enough.

Oh, I don't need an attorney for that?

[GCharlotte]

Originally Posted by BobosCurse

Oh, I don't need an attorney for that?

I don't see why. It's pretty easy. Davidson County has a sample. You can check that out. They recommend having an attorney look it over and that wouldn't hurt.

http://www.co.davidson.nc.us/media/p...Deed_85x11.pdf

[BobosCurse]

Originally Posted by GCharlotte

I don't see why. It's pretty easy. Davidson County has a sample. You can check that out. They recommend having an attorney look it over and that wouldn't hurt.

http://www.co.davidson.nc.us/media/p...Deed_85x11.pdf

Sweet. My brother is an attorney in PA. If it's just a matter of filling out a form and having it looked over, that's great.

[chicagocubs]

Hold on! You cannot quit claim the deed if you have a mortgage on it. The only way you could do that is if you paid off the mortgage first.

You should get your brother the attorney to look up NC corp law. It is all on the web. He should be able to sort out the proper laws & regulations regarding this without a problem.

[BobosCurse]

Originally Posted by chicagocubs

Hold on! You cannot quit claim the deed if you have a mortgage on it. .

Oh. I guess that part is important.
But I could form the LLC with self-directed 401k or IRA with checkbook control, roll retirement money over to it, use that to pay it off, then quit claim...no?

Still learning...trying to make the most of our assets. I'm reading as much as I can, listening to relevant podcasts

[GCharlotte]

Originally Posted by chicagocubs

Hold on! You cannot quit claim the deed if you have a mortgage on it. The only way you could do that is if you paid off the mortgage first.

You should get your brother the attorney to look up NC corp law. It is all on the web. He should be able to sort out the proper laws & regulations regarding this without a problem.

I think you could quitclaim the deed with a mortgage it just wouldn't affect the mortgage terms and the debt remains the same (including promissory on the property). But checking with an attorney if there is a mortgage would be important for the reason of piercing the veil. In other words, it wouldn't matter that the LLC owned the property. If the grantor tried to use the LLC to shield liabilities, they would probably lose that protection if the grantor had a mortgage even if the LLC was the owner through a quit claim.

[BobosCurse]

Very good info, GC. I love this place.