California
I have a question regarding the transfer of property from an LLC to another organization (in this case, the nonprofit I work at). One of our board members had an LLC that filed chapter 7 bankruptcy several years ago. This LLC owned several vacant lots in a California city, each of which owes approximately $50,000 in property taxes per lot. We are thinking of purchasing these lots from him.
What would they need to do to become in good standing and so be able to transfer these lots to us beyond paying the property taxes (or could we do that after?) I’m thinking they need to file taxes for a certain amount of years and apply for ????
I have a question regarding the transfer of property from an LLC to another organization (in this case, the nonprofit I work at). One of our board members had an LLC that filed chapter 7 bankruptcy several years ago. This LLC owned several vacant lots in a California city, each of which owes approximately $50,000 in property taxes per lot. We are thinking of purchasing these lots from him.
What would they need to do to become in good standing and so be able to transfer these lots to us beyond paying the property taxes (or could we do that after?) I’m thinking they need to file taxes for a certain amount of years and apply for ????