Separate Real Estate Entities

Summary

To separate a commercial real estate and store owned by the same llc in virginia, form a new llc for either the store or property, transfer ownership, and update leases to reflect the new structure. Consult a local attorney for detailed guidance.

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I own a commercial real estate and on that commercial real estate I own a store in one of the four units both the store and the property are owned by the same LLC. How do I separate them?
To separate your commercial real estate and the store into different entities, you can consider the following steps:
*. Form a New LLC: Create a new LLC for either the store or the property.
*. Transfer Ownership: Execute a transfer of the store or property from the existing LLC to the new LLC.
*. Update Leases: Ensure any leases or agreements are updated to reflect the new ownership structure.
Would you like a referral to a local lawyer who can assist you in this process?