Dallas-Fort Worth Real Estate Investor Club

Series LLC

  • 31 Aug 2016 10:22 AM
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    Message # 4220354
    Rhoda Hale

    Hello Folks,

    Does anyone have experience setting up and maintaining a Series LLC for their real estate rentals? Since each cell (property) should have separate accounts and bookkeeping it sounds very cumbersome.  

    Rhoda Hale

    Sunset Properties

    408.807.1870 
  • 31 Aug 2016 7:52 PM
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    Reply # 4221286 on 4220354
    Deleted user

    I'd recommend grouping properties into series (this is what I do) and then forming another company for a management company which acts as just a pass through company.  Accounting is a little more challenging but a lot simpler than forming individual LLCs or Corp.
  • 31 Aug 2016 8:01 PM
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    Reply # 4221288 on 4220354
    Deleted user

    For additional information go to http://www.lonestarlandlaw.com/LLC-Formation.html.  They set up my series LLC.
  • 31 Aug 2016 9:45 PM
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    Reply # 4221313 on 4220354
    Deleted user

    I do seperate LLC's in different tax friendly states (including but not limited to Texas, Wyoming, Navada, Delaware) for EACH transaction...It is a lot of work and expensive but I don't trust the concept of the Texas Series LLC... That said, I'm over the top with protecting myself (and probably unnecessarily so).

    Brian R. Baker, MBA 
  • 31 Aug 2016 9:46 PM
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    Reply # 4221314 on 4220354
    Robin Carriger (Administrator)

    I use Texas Series LLCs.  Milt Colegrove, who will be our main speaker this coming Saturday, helped me set them up a few years ago, and maintaining them ever since then has been easy and inexpensive.  If you'd like to chat about this topic, feel free to give me a call at 817-300-1132.

    Thanks,

    Robin
  • 07 Jan 2022 9:39 AM
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    Reply # 12247162 on 4220354
    Don McCartney
    Rhoda Hale wrote:

    Hello Folks,

    Does anyone have experience setting up and maintaining a Series LLC for their real estate rentals? Since each cell (property) should have separate accounts and bookkeeping it sounds very cumbersome.  

    Rhoda Hale

    Sunset Properties

    408.807.1870 

    Yes, I have quite a bit of experience helping clients maintain their Texas Series LLC's.   The easiest way I know of to separate each cell from each other is to setup "class" tracking in Quickbooks.  That way you can put in a property code along with each transaction so that you can track income, expenses, and balance sheet items by property.   There are other programs like Stessa that will do similar things.  

    Don McCartney, CPA   817-343-0815
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