Q: Do we need to start a new LLC for a building and land in TX and do we need both in the new LLC's name?
Our accountant is advising us to move the newly constructed office/warehouse building that our company built into another LLC for protection. The one issue that she had was that the building was built on one of the partners properties and it is still legally in his name but the building was build by the LLC. He doesn't have a problem contributing it to the company. If he leaves it in his name who would technically own the building? Is it better for us to get the land into the new LLC's name along with the building?
A: Texas law does not require you to put the building in an LLC, although doing so may provide liability protection. An attorney would need to understand the entire situation and review the title documents to advise on how to structure the LLC and what assets it should hold.
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