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REIs in CA utilizing Series LLC
I am relatively new to REI and new to posting on BiggerPockets. I currently own 3 SFR in TN and am focusing on asset protection before I invest in more. Currently the SFRs our under an umbrella policy but I would like to move them over to a series LLC. I would like to know if anyone in CA (preferably in Southern California), utilizes a series LLC for asset protection. Also, any input from tax attorneys or CPAs in the Los Angeles area that have deal with series LLC would be awesome! Thanks!
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Normally, I would suggest that you simply form the Series LLC in a separate state, but I see that you are posting from California. If you would like a structure that provides the same asset protection benefits as the Series LLC and spares you from the $800 annual Franchise tax (per Series--OUCH) imposed by Cali, take a look at the Delaware Statutory Trust. If you search "Delaware Statutory Trust" in the forums, you will see a couple of master threads. I have contributed to some of these.
If you have more questions you can leave a reply or DM me.
- Scott