Hi I currently own 6 rental properties in Texas - could I form a Series LLC in Delaware to protect them or are there advantages in having LLC in Texas ? I believe that I would have to have separate LLCs for each property in Texas - Would I have to pay for 6 x LLC foundations and all costs associated ? I look forward to hearing from you. Best regards Derek Shields
The formation of a Series LLC as opposed to a standard LLC is very similar with the exception of certain verbiage that needs to be included in your certificate of formation and in some states the company agreement for a Series LLC. While the language is similar in most states, there are minor changes that make a big difference. Most of the time these variations are the cited tax codes and statutory provisions that differ from state to state.
What Businesses Typically Require a Series LLC?
Series LLCs are most often utilized by real estate developers to keep assets and records for each property from being intermingled. Series LLCs are also critical should you decide to rent various properties, as it keeps each property as a totally separate entity in the event of potential lawsuits or other forms of litigation.
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Further information Series LLCsPage updated on 2015-09-28
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