Indiana state laws for series LLCs?

Question

Mark Yount · Answer

Greg,

I just found this article:  http://www.michaelsmithlaw.com/blog/2016/05/indian...

Which led me to this site:  https://iga.in.gov/legislative/2016/bills/house/13...

It appears that this LAST session Indiana joined the series LLC group of states.  I'm certainly not a lawyer, but the abstract seems pretty clear.  I will be trying very soon to change my LLC to series.

Is that your interpretation of the abstract?

Mark

Greg Kuzmits · Answer

Hi Tyler,

Per "The Tax & Legal Playbook" by Mark J. Kohler (page 282 appendix C) Indiana is NOT a Series LLC State.  I've lobbied both my State Rep and State Senator to pass legislation; time will tell.  Point of fact, presently there are only 15 states in the nation that are Series LLC States: Delaware, D.C., Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, Nevada, North Dakota, Oklahoma, Tennessee, Texas, Utah and Wisconsin.  Here is a link to Kohler's YouTube Channel where he discusses Series LLCs.

https://www.youtube.com/watch?v=pFAi5M-d67w

Best,

Greg Kuzmits, EA

James Liwski · Answer

Tyler,

As of January 2017, Indiana allows series LLCs

Faith E. · Answer

This is very informative for a newbie like myself. I just listened to podcast 109 and @Scott Smith mentioned series LLC, something I had never heard of before. I will definitely be looking more into the Series to see how to go about opening one.

Thanks

Richard Anderson · Answer

Hi, just some follow up on this thread, as I am also looking to set up a Series LLC in Indiana. I found this blog post written by Michael Smith on his "Indiana Business Law Blog" covering the requirements. It's an update to the entry cited above by Mark Yount.

https://businesslaw.smithrayl.com/blog/2016/09/indiana-series-llcs-part-iv.html

Happy New Year everyone!

James Syed · Answer

Welcome to BP.

I have a series LLC. State of Illinois allows it. It's worth it because I can place properties in separate series and don't have to form every time I acquire a property.

If you acquire an out of state LLC, make sure to check your state laws for foreign LLC.

Good Luck.

Beverly Fast Sinclair · Answer

Indiana signed HB 1336, allowing for series LLC's in March 2016.

Greg Kuzmits · Answer

Mark,

I can't thank you enough for the heads up on the recent landmark enactment of HEA 1336.  This is seriously good news for businesses in general, and particularly real estate investors who operate in this great state of Indiana.

I will be sure to inform Mr. Mark Kholer of this enactment so he can update his database, as well.

Another testament to the endless value of BiggerPockets membership.

My best,

Greg

Tyler Haskell · Answer

Greg Kuzmits,

Thank you for the response! I appreciate the information and I will check out the Youtube channel.

Indiana state laws for series LLCs?

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