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By Jennifer Reuting, author of Limited Liability Companies for Dummies™
I am currently working my way through the Limited Liability Corporations for Dummies book and I am looking to protect six rental properties that I currently own in San Antonio, Texas. I was interested in a series LLC - is this possible ? and could I organize through myllc.com? FYI ; I am currently located in California.
Yes, Series LLCs can be filed in Texas. Series LLCs are a new entity type allowed in a few states. New isn’t a good thing when it comes to entities types. Series LLCs lack legal precedent. This means their effectiveness hasn’t been tested in a court of law. You should consult with an attorney in Texas if you are considering forming a series LLC. In order to receive any of the benefits of a series LLC, specific information must be included in your articles of organization and your operating agreements, you must also maintain separate records for the assets of each series, as required in the Texas Business Organizations Code. The states office does not have a specific form to be used to form a series LLC. If any series established by the LLC conducts business in Texas under a name other than the legal name of the LLC, the LLC must file an assumed name certificate with the states office.
For more information on business entities for real estate visit our page on Real Estate Investors.
