Series LLCs - An Overview

Learn about Illinois Series LLCs their structure, benefits & costs, then schedule a FREE 15 min. consult with the Enterprise Esquire at www.EnterpriseEsquire.com/calendar
Illinois is one of only a few states that permits the organization of a type of limited
liability company commonly referred to as a "Series LLC." Such a company has the
ability to create within itself separate "series" or "cells" that have their own inter-
ests, liabilities and members. One example would be a company having multiple
rental properties. A limited liability company with the ability to establish series could
separate the various properties into separate series, thus segregating the liabilities.

[@IronAlien]

do I need a different bank account and EIN for each cell and how do i do my taxes with the series llc?

[@EnterpriseEsquire]

Yes, each cell must have a separate EIN and bank account and books and records. With regard to the taxes, you would have to consult a tax professional.

[@IronAlien]

@@EnterpriseEsquire thanks

[@IronAlien]

@@EnterpriseEsquire 😁

[@queeni9ja]

Can this ONLY be used with rental properties? What if I'm a nurse practitioner and I'm doing various medical services? For instance, I see patients in nursing homes for doctors under 1 series then I have my own medical clinic under one series then I provide an online psychiatric consultation service under the third series... Is this strategy legal?

[@EnterpriseEsquire]

Yes, You can use a Series LLC for any type of industry.

[@queeni9ja]

@@EnterpriseEsquire thank you!!