When to Use a Series LLC | Mark J. Kohler FULL Live Stream
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- เผยแพร่เมื่อ 11 ก.ค. 2024
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Today we will be talking about Series LLC's! What are they? When should you use them? Why should you use them? There is a lot to discuss so take notes! Don't forget, if you have questions, send it through the chat window and we will do our best to respond quickly!
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San Antonio Texas Attorney here: Great information
I signed up Series LLC service from your firm, and I have been waiting and counting for my paperwork to complete. YES I have all digital docs signed since more than a month ago.
Hey there, if you could please reach out to our new client specialist Shelby at shleby@kkoslawyer.com with your name and information she will be able to help you with this. Thank you!
Things that many CPA's don't share. Great stuff Mark!
If your CPA does not know or share with you about these strategies. It's probably time for a new one. Thanks for watching :)
Amazing info!! Thank you!
thank you so much i ordered your audible books
Thank you David!
Hi Mark, thank you for these videos, I love them. Quick question. How would a series LLC with multiple series and partners file a tax return. I am talking about a VC fund that has parent LLC through which operations are run but has the series with limited partners for each individual investment. Would that be multiple tax return for each series and the parent LLC? Another question, would this structure make sense for a VC fund?
Always helpful..
Thank you!
Hi sir, thank you for these kind of videos and I just subscribed to your channel to grow your community a little more.
Have a little question:
Do you recommend to create a series LLC if I’m running into the car rental business, basically like a Baby LLC for every car ?
Also, if I do create series LLC in a state that allows it but operate from another state that doesn’t, will I still be covered under series LLC laws from the original state or I will not because of the foreign state doesn’t allow it?
I would appreciate your point of view
I really like this video. Its a goldmine. I just bought your book and audiobook. Here is my question: Will using a land trust and assigning the beneficial interest to an LLC provide protection for my personal assets even if they can take everything associated with the land trust?
To get your question answered, please submit it to podcast.mainstreetbusiness.com/ OR you can head to markjkohler.com/tax-advisor-network/ and get connected with one of our amazing Tax Advisors that can help you dive deeper into your questions. Thank you!
Great video
Thank you!
Can I create a series LLC & use that as a parent Company for my LLC that’s already created & used for property management?
Great advice! I’m in Texas and just starting out. Do you recommend opening an LLC in Texas & putting the 1st 3 properties in it & then getting a Wyoming LLC & deed the properties to it?
Check out this article I wrote on this topic! If you are still confused, give my assistant Rosalie a call at 435-586-9366 ext 2024
markjkohler.com/where-to-set-up-my-corporation-or-llc/
having an LLC as a holding mother in Wyoming in real estate investment does the holding LLC in Wyoming have to have an EIN ? or only the daughters LLC that are underneath the LLC holdings have to have? Thanks
having a subsidiary LLC in Georgia as a single member in real estate investments for passive income and the holding mother LLC in Wyoming does the Wyoming holding or mother LLC in Wyoming have to have an EIN? or is not necessary Thanks
Great energy
Thank you 🙌
What if there is little case law related to this in Wash.DC, is that more risky?
Can a COPE LLC own a holding company LLC that has subsidiary LLCs inside of it? Would that offer the same asset protection or could the corporate veil be pierced in this case?
How do you separate the books for each series along with the parent company? Also how are the bank accounts created and how does the money flow from each series to the parent company? finally how do you do your tax return with all the series combined into one tax return?
IANAL, nor a CPA, but I can tell you what I do. What I generally do is I would have assets held in the name of the series, BUT you would usually keep detail list of any assets associated with a series. For bank accounts, this gets a tad tricky, but you can have an account open in the name of the series easily with some brokers (eg Merrill lynch - BIA or WCMA, though WCMA is preferred (it cost but its worth it since they do recognize a Series LLC but will only allow the series to open an account if the notice of series is on the articles of formation and that the debts, and obligation contracted for is enforceable against the series itself and not against the LLC generally or any other series thereof), Fidelity - Business Brokerage, etc), but for traditional banks (eg chase, BoA, Wells, etc), it really varies since Chase no longer (to my knowledge) allow an series llc to open an account for a series, and ymmv will vary with others. If you have a good establish relationship with the bank, you can usually open an account with them in the name of the series, as long as you provide the operating agreement, the Series LLC Articles of Formation (with the notice of series, if required by the state of formation), and if applicable, a separate series agreement. If the bank insist that it needs to be registered, some have suggested using a DBA solely for bank account, or depending on state law (eg doing business in a non series state), you may have to do foreign qualification in that state for the series. If you dont want to go through all of that to have it in the name of the series, you can have separate accounts under the Series LLC with it listed to be for or associated for a series. I prefer having it tied to the name of the series directly though since it would make it easier to account for the assets of that series and to prevent co-mangling of assets between the Series LLC and each series.
For tax returns, it would roll up into one tax return since each series would be considered as a disregarded entity and all profit and losses would be reported on the Series LLC return (or if the Series LLC is disregarded, then on the Schedule C of the member personal tax return), though a series can elect to be taxed as a partnership (if it has two or more members associated with the series), or a corporation, since the IRS did state that a series, for tax purpose, would be a separate entity in their private ruling. It would be easier to have them all be a disregarded for tax purpose and be reported on the Series LLC tax return (or schedule c of the member). If the books and accounting are done correctly, it wouldnt be a problem or a nightmare to have it all reported, but if done incorrectly, it can be a nightmare.
@@randombytesthanks so much. Last last thing lol; Can I creat a nonprofit under my series llc and get a tax write-off by contributing to it from the parent llc or is that a no no?
P.s. asking for a friend.
@@IronAlien No, a series cannot really be a non profit and even if it could be, that would really raise alot of questions by both federal and state agencies. In fact, an LLC cannot be a non profit unless the member is tax exempt, which in your friend case basically means it needs to be own by a non profit entity (which generally would be a corporation) with the correct status by the IRS for any donations to mean anything. Even then, it raise to question if the using the series in this manner would be the right thing to do. It would be best to consult an attorney and a cpa for whatever friend is trying to do.
you rock!
Well thank you Ligeia, I appreciate that so much!
Bad boys running wild!!!!
Why dont you want rentals on an LLC S-Corp? at 15.21 you did not say why.
Please do a video on a series LLC in Florida with assets in Florida.
I have 8 properties in Florida and looking for asset protection and business structure.
Ty
Hey Jonny, I will see what I can do about a video... but I would recommend reaching out to my firm (or any other firm that sets up series LLCs) and scheduling a consult. If this is a strategy you are trying to implement, you will want the help of experienced professionals to make sure you do it correctly. Here is the number for my firm: 888-801-0010
We have also made some great content on series LLCs for our podcast, here is an episode that might be helpful: mainstreetbusiness.com/refresh-your-wealth/when-to-use-a-series-llc/
I am a real estate investor and just recently move to Texas. I only want to deal with flipping properties in Texas and not rentals. Is a Series LLC a good vehicle for me to use or would you only advice to be used for rental properties. Please advise.
Santana, Yes, I would recommended a Series LLC if you are planning on owning multiple properties at once. An (S)LLC offers anonymity, lawsuit protection, compartmentalized liabilities, and it may reduce operating costs and streamline administration. If you would like a consult with one of our attorneys to discuss this matter more, call us at (888)801-0010.
@@MarkJKohler I tried calling and I must have the wrong number. You send 1800-801-0010
So sorry about that. The correct number is (888)801-0010
Can you have a Parent LLC that is a S-Corp and the Sub LLC's are not? Do the Businesses have to be related, eg all Real Estate? (I have a thought of a Parent LLC, S-corp; with regular LLC's under with different Businesses like... a Marketing Company, a Mortgage overages company, a Creative company, and eventually Real Estate Rentals)
Did you ever get the answer to your question? I’m in the same boat
Don’t do passive income with an S Corp. Not only will it cause a headache for your accountant because S corps are subject to SE tax, S corps will dissolve themselves if a certain percent of their income is from passive sources. Just make an LLC for passive things, with you or your trust being the owner. The S Corp can have sub LLCs that are active income.
You missed Wyoming?
He's not correct. I called his firm they want to charge $1500 not $800 for the service and $300 an hour just to speak to an attorney. I cant stand when people lie on a video.....
Joel, may I ask what service you called my office for? Also, the $300/hour is for a consult with a lawyer. We do have a free 15 minute interview with an attorney.
@@MarkJKohler Called the office and they asked for a $300 deposit just to set up a consultation. I will call Anderson Business advisors. You lost your chance in getting a potential new client.