Legal Question in Business Law in Minnesota
Me and my husband recently purchased the rental property. We did not set any entity for this rental property and rent out with one year contract (a month ago). Now, we are setting up an entity as LLC. What do we have to do with this rental contract. It is not under LLC. Do we ask tenant to re-sign the rental contract or is it automatically bounded by LLC? Please help!
Asked on 9/16/10, 1:01 pm
1 Answer from Attorneys
David Anderson
Anderson Business Law LLC
You should do an Assignment of Lease, but first have me or another experienced Business Attorney review lease to ensure that it is assignable.
Then you will notify tenant of Assignee ( new LLC).
I have owned rental properties for over 30 years.
Answered on 9/21/10, 1:22 pm
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