Mahoning County Auditor changes LLC exemptions

Local News

WKBN

(WKBN) — Mahoning County Auditor Ralph Meacham announced Monday that LLCs not wanting to pay fees to transfer properties will have to properly document why they are seeking an exemption.

Meacham stated that 44% of all transactions over the past two years paid no fees because of exemptions, such as a parent to a child or spouse to spouse.

A review showed some exemptions did not qualify and Meacham’s office is examining those transactions to verify their validity.

These requirements include:

1)     A notarized Affidavit of Facts stating the reason for the transfer and why there was no money involved.
2)     State Certificate of the Articles of Organization.
3)     Identification of the members with respective percentage of units of interest.
4)     A written statement from the seller/grantor declaring the following:

  • Total amount paid to the seller/grantor as consideration for the sale of the LLC membership/ownership interests;
  • The portion of the total that is allocated to real property owned directly or indirectly by the LLC;
  • The percentage of the ownership interest in the LLC being transferred;
  • The LLC’s percentage of ownership interest in the person that directly owns the real estate;
  • A copy of any purchase agreement and closing/settlement statement.

Auditor Meacham encouraged anyone with questions to call his office at 330-740-2010.

Copyright 2021 Nexstar Media Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Mel Robbins Main Area Middle

Trending on WYTV.com