Legal Question in Real Estate Law in North Carolina

I have been gifted an LLC that contains a rental property. I plan to dissolve the LLC. I assume I will then be the owner of the property. Is this correct? Property is in North Carolina.


Asked on 4/22/13, 4:59 pm

1 Answer from Attorneys
Kenneth Love Ken Love Law

Not necessarily. Before dissolving the LLC, the LLC should deed the property to you as an individual then it should dissolve as to not put a cloud on title. Keep in mind that when you dissolve any business entity, you have to make sure all debts are paid. You should look at debts the LLC owns and if it would be more of a burden than its worth, you may want to refuse the gift.

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Answered on 4/22/13, 5:25 pm


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