I have a couple domain names that I purchased personally. I have since created an LLC and would like to utilize these domain names for products created under the LLC. So my questions are:
Do I need to formally transfer the domain name ownership to the LLC?
Is this even possible?
Can I be held personally liable for site content/usage in the event of dissatisfied customers?
From my understanding after talking to multiple lawyers about this, you can transfer the domain(s) to your LLC as a capital contribution. You will need to track it as a capital contribution for liability protection and accounting purposes. It would be best to have a separate account on your registrar for your LLC so you can easily tell the distinction between domains that you have contributed to your LLC and domains that you hold personally.
I would transfer to the LLC. It is depends on your domain provider on how easy they make it to transfer domains. For GoDaddy it's pretty simple and straight forward.
If you prefer to maintain personal ownership you could also just lease the domain to the LLC.
But if you intent to sell the LLC some day and your brand is a key value, then having it in the LLC is critical. If you go this route, be sure to tell your CPA the sale price as he will likely treat it as an appreciating asset (since they often go up in value) and needs to establish a basis.