Out of State Series LLC, Legal And Tax Implications
Apparently the formation of Series LLC's are only "allowed" in a few states. I live (and will invest in) Maryland, which does not allow the formation of Series LLCs. Is using a Series LLC as simple as forming it in another state such as Delaware where they are allowed?
Are there legal ramifications of skirting the MD law in such a manner? Since the business resides in MD, does the MD law trump the Delaware law?
What are the tax implications? Do I have to file returns in both MD and Delaware? Annual fees to both MD and DE?
Would a RE attorney know both sides of this equation or would I need an accountant as well?