Can you use a quitclaim deed to transfer from an LLC to an individual?

Can you file a quitclaim deed to transfer a property from an LLC to an individual? The LLC is dissolving and we want the property taken out of the LLC.

Asked on August 23, 2011 Indiana

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

A limited liability company or a corporation has the same rights of an individual in every state in this country. As such, a limited liability company can sign a quitclaim (or grant deed) transferring real property from its ownership to an individual which can then be recorded in the county where the property is located.

Before this is done, you need to make sure that proper notice is given to all members of the limited liability company and its managers in accordance with its operating agreement, that the noticed meeting be held and voted upon. There should be minutes of the meeting and its approval of the suggested transfer kept in the limited liability company's books for future reference.

Good question.


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