What kind of deed do I need to transfer a title from my name to my LLC?
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Answer:
We cannot give legal advice. The following is not a substitute for the advice of a local attorney. But we hope the information will be useful.
BoA's position is not surprising. A primary purpose of an LLC is to shield the owner (you) from liability for the debts of the LLC. If BoA loaned money to the LLC, the LLC could default on the loan, and BoA could only go after the assets of the LLC (and not your personal assets). BoA doesn't want to be in that situation, so they will only loan the money to you, personally.
A simple quit-claim deed is probably sufficient to transfer ownership to the LLC.
Another key purpose of an LLC is to avoid the "double taxation" inflicted upon traditional Corporations and their owners. Typically, money earned by an LLC isn't taxed as income except as personal income tax of the owners (members) when it is drawn from the LLC as income. The LLC itself is not a taxable entity (unlike a 'C' corporation, whose profits are taxed). More detailed issues arise from the transfer of property that only a tax specialist can answer. We are not tax specialists. A tax attorney or accountant should be contacted on those issues.
It is unclear as to whether "you" (you, then the LLC) will have to buy title insurance ("twice"). However you might be able to avoid the issue altogether by leasing, rather than selling, the building to the LLC. Leasing might also simplify the tax situation. Again, a question for a tax specialist.
These suggestions should be run by your local attorney.
