anyone interested or done a Series LLC. ??

Question

I have a few trusts and LLc's. My attorney is wanting to chat about doing a master LLC with series llcs out of it. For example: Blue sky LLc. Then as you buy additional properties it works like this. Blue sky llc, victoria circle series. It gives you more buffer for liability sakes and still retains the control. Anyone done it? It makes sense to me on the surface and just wondering if others are doing it. 
     Thanks. Rich in FL.

J Scott · Answer

As Matthew said, from your perspective each business is a separate entity and should continue to be treated that way.

Matthew Gil · Answer

One of our LLCs in is a series.  Nothing to radical about them.

You just have to treat EACH LLC series as it's own business.  So you'll still have to keep stuff separate and non-intermingled.

Robert Mack · Answer

Here is a link to a great article on series LLC's

http://www.biggerpockets.com/renewsblog/2009/03/25/series-llcs-real-estate-investing-primer-leap/

Rich Weese · Answer

Thanks for the replies.

Brian Levredge · Answer

I've looked into these as well.  It seems that many attorneys don't really know what they are or how to do them.  I talked with a couple guys that were experienced doing them and they had mixed reviews about them.  The intent is to have separate legal protection without having to pay individual filing fees.  It seems some states treat them as separate entities meaning you still have to paying filing fees for each sub entity.  Additionally, from what was explained to me, Series LLC's have not withstood any real challenges yet because they are relatively new so there is some concern that your veil could be pierced even if you follow all the rules.

Obviously the cost of set up is another factor.  I was looking at doing a Series for a package of homes I'm buying but the price to set up that I was quoted relative to my purchase price really didn't make too much sense for me.