Using LLC entity to dump timeshare property

[SilverLeaf88]

I have a timeshare. Fully paid for. No lien. High maintenance fees. Can't sell. I need to get my name off the deed and stop paying the monthly fees. Can I establish an LLC entity -- let's call it "New Owner LLC" -- with the intent of selling the timeshare to "New Owner LLC". Afterwards, "New Owner LLC" stops making the maintenance payments. Of course, the Timeshare Resort will come after the "New Owner LLC". Will a foreclosure of "New Owner LLC" impact my personal credit in any way? Can the Resort company put a lien on my personal property, etc. that is outside the "New Owner LLC"?

If this is possible, is there any state that is preferable to register the LLC in?

Also, is there anything special that should be done regarding the LLC structure to maximize my protection?

[Andy0192]

Originally Posted by SilverLeaf88

Also, is there anything special that should be done regarding the LLC structure to maximize my protection?

Google the term "Piercing the corporate veil".

Also, is there any language in the timeshare contract which requires them to approve the transfer/sale before releasing you of liability for annual fees?

[SilverLeaf88]

Thanks. Your lead took me to the following PDF. Good to know.

[url]http://www.abanet.org/rppt/publications/edirt/2002/2002-2/art-murray.pdf[/url]

[HomeGuru]

Originally Posted by SilverLeaf88

I have a timeshare. Fully paid for. No lien. High maintenance fees. Can't sell. I need to get my name off the deed and stop paying the monthly fees. Can I establish an LLC entity -- let's call it "New Owner LLC" -- with the intent of selling the timeshare to "New Owner LLC". Afterwards, "New Owner LLC" stops making the maintenance payments. Of course, the Timeshare Resort will come after the "New Owner LLC". Will a foreclosure of "New Owner LLC" impact my personal credit in any way? Can the Resort company put a lien on my personal property, etc. that is outside the "New Owner LLC"?

If this is possible, is there any state that is preferable to register the LLC in?

Also, is there anything special that should be done regarding the LLC structure to maximize my protection?

**A: nice try.