Subject is pretty straightforward. I'm looking to set up a Series LLC. Most of my properties would be in OK, which also recognizes Series. But I have some questions about the legal/tax implications of having the master in one state, DE, and the cells in another (and I live in a third state, that doesn't recognize them, just to add to the fun). I'll also, depending on the answers, be looking to set up said LLC.
Bump, because there has to be somebody who knows the Delaware and Oklahoma legal landscape!
you might call evans and davis here in edmond they handle series llc. i would suggest doing things as simple as possible. the more complex the more likely for an issue so maybe a seperate series llc in each state to reduce your risk a bit.
@Rhett Tullis thanks. I kind of thought I might have to wind up going in that direction. The ease of travel from Philly to DE (only about a 30min drive), plus the very biz friednly environment of Delaware made that set up pretty appealing.
When we explored the Oklahoma Series LLC a few years ago, our very experienced attorney recommended against doing the series form because there is, as yet, no case law in Oklahoma on the Series LLC and thus it is an untested format. He stated that unless one is willing to BE the case that is litigated, it didn't make sense to proceed.
I agree with @Deborah Burian i prefer not to be the person on the wrong end of the first issue in court.
RTY Law in Tulsa set mine up, though I rarely use it. I use them for everything legal and have been very happy.
As Deborah and Rhett have said, though, it's probably not necessary for a rental portfolio here.