Putting House Title in My Corporations Name?

Question

House title Corporation laws?
Could I remove myself from the title of my house and put the title under my corporations name, so just in-case I get behind on my bills because at least in bad times, at least no one could slap a lin on my property and my corporation doesn't have any types of credit accounts or debt, so I really wouldn't ever have to worry about someone coming after my corporation.

One more thing. Its in Washington State and the corporation is my home address. My address is the licensed place of business.

Answer 1

You should understand corporate law before you operate a corporation.

Your corporation is your property just like anything else. As with any other asset, it can be seized and sold to satisfy a judgment.

When you do things like this, you run the risk of having your corporate veil pierced, and having your corporation essentially become a sole proprietorship.

As another person stated, you also run the risk of losing the protection of some consumer-protection laws that homeowners have. If you have a financial disaster, and you file for bankruptcy, the bankruptcy court could reject your petition and not discharge the debt.

This sounds like a really bad idea, but if you're going to do it, run it by a lawyer first.

Answer 2

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RE Putting House Title in My Corporations Name?

House title Corporation laws?
Could I remove myself from the title of my house and put the title under my corporations name, so just in-case I get behind on my bills because at least in bad times, at least no one could slap a lin on my property and my corporation doesn't have any types of credit accounts or debt, so I really wouldn't ever have to worry about someone coming after my corporation.

One more thing. Its in Washington State and the corporation is my home address. My address is the licensed place of business.

Answer 3

If the corporation owns the house and you own the corporation, your creditors can still get the house by seizing your ownership of the corporation. Because the stock is actually easier to seize than a house, this plan would put you on the street faster than owning the house in your own name.

Answer 4

Sorry, but the answer is No. In order to change the title, you have to OWN the house outright. Sounds to me like you have a mortgage on it. If you DO own it outright, and it is your only home, other bill collectors cannot take it from you. They CAN put a lein on it, which means that if you sell the house, they take what you owe them directly out of the sale. But, they can't seize the property if it is your only dwelling.

Answer 5

don't think you'll successfully hide that way

any creditor would follow the title transfers in a flash. Not to mention that your mortgage would still be in your name and the lender could still foreclose on it.

[A corporation that has no assets or other business can't borrow on a house -- no source of repayment.]


oh

Answer 6

no longer something incorrect with that. purely confirm you get it insured and have a criminal duty coverage particularly with the aid of fact it's going to be a condo. some coverage firms like State Farm has criminal duty of their landlord coverage applications and for a small volume of funds you are able to improve the criminal duty coverage to 300k. maximum coverage firms will help you to insure as much as 3 properties with them. once you talk procuring your 4th living house you additionally should evaluate commencing an LLC. Your parents can sell you the living house very cheep. In Louisiana a make certain or relative can sell a house for $a million and love and attention to a baby or relative. you should take this undertaking up which includes your tax adviser. Regardless in case you circulate it now or wait till you inherit the valuables you may have some form of tax. by using procuring it now somewhat low you will possibly be waiting to ward off maximum of that. in case you inherit the living house you will would desire to pay for a succession of one or the two one in each of your parents and inheritance tax. you will additionally would desire to pay assets tax of course each year and earnings tax on the internet from the condo earnings. by using doing this now you will not purely supply the government much less funds, yet you will additionally earnings from the earnings and write offs of the condo. to respond to your question straight away. particular it somewhat is a sturdy theory if all events agree.

Answer 7

Do you live in a residential area where it is legal to conduct a business? In the future if you loose the business you would also lose the house. You neglected to mention what kind of business, do you carry enough liability insurance to cover you if something happens ?