I have a single member LLC in Pennsylvania which owns one rental property. The property has an interested buyer (another LLC) and we were a few days a way from settlement when an issue arose. The settlement company ran a check to see if any liens existed on the property AND the LLC (my LLC). The result came back that while there were no liens on my property, my LLC was "under review" by the Pa Dept. Of Revenue. It seems that I forgot to file an RCT 101 for the year 2010 and this was most likely the cause for "under review". The settlement cannot proceed until the status of my LLC changes to whatever is better than "under review". Here's my question: If I file the RCT 101 today how long could it take to move the status out of "under review"? OR would it take less time to take the property out of the LLC, put it in my own name and sell it directly to the buyer (the other LLC)? I would love to sell the property ASAP. Thanks in advance with your help.

Hello m:

So, you're asking whether a bureaucracy will move fast enough to save your sale... Of course, there's NO absolute answer.. How would WE know how fast they work?? '

However, given that I have NO faith in ANY bureaucracy, I'd do what I needed to do to AVOID depending on them.

excon

... OR would it take less time to take the property out of the LLC, put it in my own name and sell it directly to the buyer (the other LLC)? ...

That wouldn't change anything. The title insurance company would still note that there is a problem with a grantor in the chain of title: your LLC.