Arizona Quitclaim Deed - Limited Liability Company to Limited Liability Company

Even if the limited liability company has undergone dissolution, the members will still not be entitled to the undiminished business properties if the LLC has outstanding debts. The LLC debts and liabilities should be paid first, any remaining assets are distributed to the members.

Step 1: Form an LLC or Corporation. You can't transfer your real estate property, or any other personal property, into your LLC or corporation until you've actually formed a new legal entity. Step 2: Complete a Quitclaim Deed. Step 3: Record Your Quitclaim Deed.

How to Quitclaim Deed to LLC. A quitclaim deed to LLC is actually a very simple process. You will need a deed form and a copy of the existing deed to make sure you identify titles properly and get the legal description of the property.

A quitclaim deed is a legal instrument that is used to transfer interest in real property.The owner/grantor terminates (quits) any right and claim to the property, thereby allowing the right or claim to transfer to the recipient/grantee.

Quitclaim Deeds are used when the transfer of ownership in the property does not occur as the result of a traditional sale.Under a warranty deed, if it turns out that the property is not what the seller promised or there's an uncleared lien or other block to the title, the buyer can sue the seller and recover damages.

Quitclaim deeds are most often used to transfer property between family members. Examples include when an owner gets married and wants to add a spouse's name to the title or deed, or when the owners get divorced and one spouse's name is removed from the title or deed.

You can't transfer your real estate property, or any other personal property, into your LLC or corporation until you've actually formed a new legal entity.Typically you'll need to register a business name and file the LLC or corporation paperwork with your secretary of state's office.

The drawback, quite simply, is that quitclaim deeds offer the grantee/recipient no protection or guarantees whatsoever about the property or their ownership of it. Maybe the grantor did not own the property at all, or maybe they only had partial ownership.