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Establishing a Texas Series LLC

Asked by: JOANN GLOVER - 4 July, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/default.png-f1597c1da25f30f8c1a941405e8391c8 I am forming a Series LLC in Texas. I own two rental properties out right, no loans or mortgages. How do I put the 2 properties
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?
Answered by: Robert Kowalski - 4 July, 2012
https://d25eic0jctudgb.cloudfront.net/images/site/avatars/35.jpg-687fc92d5f6c5febcbdccb6895b08b8c Dear Joann,

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.

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