TX Series LLC vs. Standard LLC
I'm at an impasse as to structuring our Real Estate Investment Co. Under a TX Series LLC or a standard LLC. I am trying to identify the advantages and disadvantages between the two and I am not adverse to spending more money upfront to form a solid foundation. It's my understanding Series LLC's are new inTX and lack the case law to support or be taken seriously if brought to court. Our attorney is proposing using our primary LLC as the property management company. each series would funnel all transactions through the primary LLC to account for bottom line impacts separately through the property management company. Is this a standard practice for structuring an investment company? (I want to stear clear of crossing unethical lines while maximizing the full potential for asset protection) In such even we were to be sued and a judge ruled that we are not operating as a Series LLC for whatever reason, then the worst case scenario being we default to the standard LLC and lose the added layer of asset protection provided through the Series LLC? I understand that the benefit of structuring in this regard is to add layers of anonymity, create some versatility, and structure so that in event of lawsuit all of our assets are not exposed.
Thanks in advance!!