Establishing a Texas Series LLC
into the Series? Each entity must be owned by the LLC.?
Each property must have its own EIN tax number?
Each entity has to have its own bank account so that each has its own accounting of expenses and profits for each cell in the Series?
Where do I find the proper procedures for the IRS?
Series LLC are managed through Series LLC Operating Agreement. Those agreements are typically drafted by an attorney, and they tend to be somewhat complex. Through Operating Agreement you create, modify and destroy Series. No filing is required with the state in that regard.
In general, each Series needs to have its own EIN and its own bank account. Series can also be owned by different owners. All that needs to be discussed with a corporate attorney licensed to practice law in Texas and knowledgeable in organizing Series LLC. You would also need to retain the help of a CPA who knows how to handle Series LLCs.