Posted by Seyli Molina on 3/24/08 6:48pm
Msg #240477

Conveyance of immoveable to LLC

Hello,

i am a newly commissioned notary in Louisiana and I have a client that would like to create an LLc to protect his investment properties.

I created the LLC for him, my question is...

How do I properly convey the property from his name to the llc?

I have been told different answers so I am hoping one of you can help.

thank you
Newbie notary

Reply by Ernest__CT on 3/24/08 8:58pm
Msg #240499

First, stop it.

Unless you're an attorney, which I seriously doubt, you're going to get yourself in very, very hot water if you continue to take actions such as you have described.

Stop trying to practice law. You're a Notary Public, not a lawyer.

Reply by Linda_H/FL on 3/24/08 9:03pm
Msg #240500

Ernest, she's in Louisiana....she can do that..:) n/m

Reply by CaliNotary on 3/24/08 9:07pm
Msg #240501

She may legally be allowed to do it

But she obviously doesn't KNOW how to do it. So she shouldn't be doing it.

Reply by Linda_H/FL on 3/24/08 9:12pm
Msg #240503

Agreed...I just re-read the post...but in LA

you don't need to be an attorney to do it...that's all I meant...sorry for the mixup

Reply by Seyli Molina on 3/24/08 10:05pm
Msg #240523

Re: Agreed...I just re-read the post...but in LA

I am in LOUISIANA. I have alot of powers that most notary publics do not. We practice civil law here. Its very rare that anyone here go to an attorney for a simple llc, and conveyance of property.

Seyli

Reply by Linda_H/FL on 3/24/08 10:23pm
Msg #240532

Re: Agreed...I just re-read the post...but in LA

Seyli..you may have the power to do so but what they're saying is you obviously don't have the expertise yet and perhaps you should consult another LA notary and/or do some more research before you take on such a complex issue on your own...

Reply by Ernest__CT on 3/24/08 10:40pm
Msg #240536

Second, stop it.

If you are coming to Notary Rotary asking for advice, you do not have the education nor experttise to handle what you are trying to do. You are risking the welfare of your customer _and_ your own future.

Get legal advice. Real legal advice. From a real attorney.

LA or not, you're riding for a fall.

Reply by Susan Fischer on 3/25/08 12:31am
Msg #240566

Ernest: Every single lawyer had a first day. Not one

ever walked in the door knowing anything much. They look around, they ask questions, they improvise, and they listen, watch, research, and learn by doing.

The LA Notary Exam is not like any other in the country. Akin to taking the Bar.

So, please save your tirade for the regular newbie notaries public - not those who were required to apply the difficult diligence, and have the determination to pass a rigorous exam, and who occasionally pose a question to a Notary Forum about a LOUSIANA issue fully within the scope of her commissioned duties.

Reply by Maureen_nh on 3/24/08 10:53pm
Msg #240541

No, no, no,
Do not come here for advice on LA Law
You guys are what we would all secretely like to be, but we are not.

Please for your own good and that of your clients, stick to an LA notary site, there must be one

Reply by Seyli Molina on 3/24/08 11:45pm
Msg #240556

Ok, ppl it is not that serious, my goodness. The question is simple.... would you covey by act of exchange or donation. It is not legal advise.

I guess the goos advise I got was that this site is for common law notaries. Why would you need to have a forum to exchange information if all you do is acknowledge a signature?

Our training to become a notary is serious, we just have different ways of doing the same thing I was wondering which way another notary would do it.

Dont bother 'helping' me any further. Thank you for the attempt.

Reply by SharonMN on 3/25/08 2:50pm
Msg #240647

Obviously, you haven't seen how badly some duly commissioned notaries manage to screw up a simple acknowledgement! Some states don't have any test, training, or manual - you just send in your $100 or whatever and bang! you're a notary. Besides, much of the talk on this forum is about running a small business, not notary-specific stuff.

In response to:
Why would you need to have a forum to exchange information if all you do is acknowledge a signature?

Reply by BobbiCT on 3/25/08 6:53am
Msg #240576

Conveyances to LLC ...

Have your clients ask their tax advisor or accountant. There are a number of ways to move real property into an LLC; however, each has a different tax consequence.

Possible gift of partial interests in real property over time to the LLC will have a different set of federal and state conveyance tax and gift tax outcome than conveying the entire real property as a "taxable sale" or "no change in beneficial ownership." It is a good question, but the "how" depends on "how much" tax your client is willing to pay to which government and how to structure the transactions with minimal tax consequences.

A Connecticut example, transferring from an individual to an LLC may an incur a real property conveyance tax based on the current fair market value of the real property EVEN IF NO MONEY exchanged hands. Alternatively, "gifting" may result in no real property conveyance tax but can result at year-end in both federal and state gift taxes owed by the individual based on an appraised value of the real property at the time of the "gift." If the properties are encumbered by mortgages there are other tax, indemnification, and lender (loan may be called due and payable w/in 30 days) considerations.

One your client's tax advisor tells you "how" the financial transfer will be structured, you will be able to figure out the real property transfer paperwork.

NOT an attorney, not giving legal advice, just my personal opinion on what you, your client and your client's financial/tax advisor may want to consider when preparing the legal documents.

Reply by Seyli Molina on 3/25/08 3:19pm
Msg #240656

Re: Conveyances to LLC ...

Thank you so much, for all the valuable information. It is so nice to learn from each other instead of attacking an critizing.

greatly appreciate it !
Seyli