Anyone with Series LLC Experience/Knowledge?

Question

I have a pretty fair idea how a Series LLC gets set up but am wondering how it works with mortgages and tax ID numbers, etc.  The umbrella LLC and each individual series under the umbrella are treated as separate entities, so do I need to get a different tax ID number for each series I open as well as the separate tax ID number for the umbrella LLC?  For example, ABC, LLC is the umbrella LLC and I form ABC, LLC Series A to hold title to a piece of real estate.  Do I apply for a mortgage for that particular property in the name of ABC, LLC or in the name of ABC, LLC Series A?  I think I may know the answer but am not certain and wanted to get the group's opinion.  Thanks in advance.

Joe Wilson · Answer

If you don't find the answer, then here is one.

You need to have the name on the mortgage the same as the name on the deed to the property.  Each LLC is a separate entity.  It would be like your parents taking out a mortgage on your personal residence.  A bank is not going to issue a mortgage to someone who does not own the property.

ABC Series A, LLC  would be the holder of the note and property owner.

BTW, you can not have any part of the name of the LLC after the designation 'LLC.'  The name of an LLC must end in LLC and the name of a corporation must end in INC., CORP., INCORPORATED, CORPORATION or LTD and a limited partnership must end in 'LP.'

Joe

Eric Foster · Answer

I think there are a couple other posts about that… 
You may try using the search feature here on Bigger Pockets…