I'm looking for recommendations for an attorney in Texas (preferably in the Dallas area) who specializes in real estate?
I am especially looking for an attorney who can help us evaluate if a "Series LLC" structure would be right for us. Also, will require help filing with the state and putting together the operating agreement.
To find a lawyer try checking on the Texas bar website www.texasbar.com
You can choose specialties such as Real Estate and professionals with an office location near you.
My $0.02 on the Series LLC concept - I read David Willis' books - it seems he likes the use of Series LLC's for asset protection. He also suggests your lawyer and your CPA are on the same page - finding that may be a difficult task.
I ended up skipping the Series LLC route to make things easier for me, my Lawyer and CPA.
If separation of assets is desired, it can be done with multiple LLCs at ~$1200 ea. Put as many properties or as much equity in each LLC as desired. Not really a big deal when you consider how much cleaner this approach is.
Rental Property Investor · Durham, NC · Member since 2016 · 7k+ posts · 7k+ votes
8y
Not an attorney so this isn’t legal advice.
My cpa who’s based out of Houston has recommended not doing Series llc. They can get expansive and overly complicated quickly
Tax Accountant / Enrolled Agent · Houston, TX · Member since 2014 · 5k+ posts · 6k+ votes
8y
If you ask 3 attorneys about TX Series LLCs, you will get 3 different opinions. One will say absolutely, the other will say they are useless, and the third will say maybe. I hosted panels of RE attorneys in Houston REI clubs, so this is not a joke. You can try David Willis or Steve Newsom in Houston.
To find a lawyer try checking on the Texas bar website www.texasbar.com
You can choose specialties such as Real Estate and professionals with an office location near you.
My $0.02 on the Series LLC concept - I read David Willis' books - it seems he likes the use of Series LLC's for asset protection. He also suggests your lawyer and your CPA are on the same page - finding that may be a difficult task.
I ended up skipping the Series LLC route to make things easier for me, my Lawyer and CPA.
If separation of assets is desired, it can be done with multiple LLCs at ~$1200 ea. Put as many properties or as much equity in each LLC as desired. Not really a big deal when you consider how much cleaner this approach is.
I'm looking for recommendations for an attorney in Texas (preferably in the Dallas area) who specializes in real estate?
I am especially looking for an attorney who can help us evaluate if a "Series LLC" structure would be right for us. Also, will require help filing with the state and putting together the operating agreement.
Ike, I am a Dallas Real Estate attorney, happy to chat or have a meeting if you like. Pros and cons of series LLC as you are aware. Most of this non-legal advice in this thread is pretty good. Just have to decide if its right for you.
Attorney · Austin, TX · Member since 2014 · 1k+ posts · 932 votes
8y
100% of my practice is focused on this top. The system that we use and that keeps things efficient is the series LLC combined with anonymity trusts. This allows for the compartmentalization of the assets for liability while disguising your ownership of the company and your companies ownership of the ultimate asset. The CPA issue is really a non-issue. There is only one tax ID number for the Series LLC so the tax reporting if you are the sole member would be as a disregarded entity (pass through) and you would keep separate accounting records in your quickbooks to "tag" the income and expenses of each individual series (just like you would for separate LLC's). $1200 is expensive when you consider the alternative that I am suggesting is infinitely expandable at no additional costs for the rest of your life.