Winter Park, FL asked in Business Law for Florida

Q: What do I have to do to put a condo I own in Florida into a LLC from Purto Rico

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1 Lawyer Answer

Phillip William Gunthert

Answered
  • Orlando, FL
  • Licensed in Florida

A: You really will need to get hold of a Florida Business Attorney. The LLC would have to be registered with the Florida Department of State for starters. Then you would need to look into all the details related to the property, insurance (is there a problem once it is transferred into an LLC), Mortgage due on sale or transfer clauses (could be an issue), document stamps, Why are you putting the property into an LLC (if it is liability protection, do you have the proper insurance for your business, do you treat your LLC separate from yourself, does the LLC have its own bank accounts, do you avoid commingling funds of the personal nature with your business accounts, has the LLC been properly funded, is there at least a secondary LLC member "piercing the corp. veil issues"). You can start by visiting the sunbiz.org site for an excellent starting point. You may well just be better off starting your own Florida LLC just for that property and or your business. Anyway, many more details would be needed and information necessary based on your precise business, circumstances as well as owners and near term as well as future plans for the business and property. There really is just no good way to easily answer such questions in such a limited forum like this online. Your starting point if you want to wing it alone (not recommended of course), go to sunbiz.org and look up the process of registering a foreign LLC in Florida which is called a foreign qualification. I am also assuming that you already have a good operating agreement for your presently existing LLC as well.

Bruce Alexander Minnick agrees with this answer

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