Corporate Law Inherited LLC transfer to new partnership

[shirazallen]

Hello,

My two siblings and I are finalizing an estate that includes an LLC that owns some real estate. One of the properties is a commercial rental that we've been actively managing and we'd like to transfer ownership to a new partnership with the three of us as members/owners.

So I have two questions:

• Should we create a new LLC or another type of partnership? Note that we are all actively managing it.

• What would be the best method to transfer ownership to this new partnership? Quitclaim? Perhaps this is for an accountant, but we'd obviously like to avoid taxes on the transfer since we already technically own it.

 

[army judge]

Whatever you decide, I suggest you each retain your own counsel in order to craft a contract fair to all parties.

If this is to be a profit making enterprise, spend money to make money.