Q: I transferred a NJ condo into my LLC without proper dissolution. cant undo cancellation of LLC says NJ. Help!
after I tried to reactivate my LLC I discovered I could not if it was cancelled. not knowing I had a condo under my LLC and now that I am under contract I need to obtain clear title. I was hoping a lawyer can do a quick claim deed but I am not sure if this is the best solution to my problem. it seems that this does not happen often. but I need help to fix this mess i've gotten myself into.
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- New Jersey
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A: You cannot transfer any asset into an LLC that is not active. Your situation will require an in person consultation with an attorney who can review all documents and see what the solution is. If there was a mortgage on the condo, you could have violated the "Due on Sale Clause" which is typical of mortgage contract. This is beyond the scope of what most attorney's free consultation.
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