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#1 SamuelC

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Posted 03 February 2010 - 12:13 AM

Hello everybody,

Thank you for checking my post.

I was curious if setting up a Series LLC is beneficial in regards to investing through lease purchases and/or if it is even viable as a way to protect your interest and personal assets.

Also, I read that a single-member LLC is not beneficial in regards to protecting personal/business assets. Would this apply to a Series LLC?

I know Series LLC are fairly new and untested in court, but should I be setting my LLC as a Series to protect each individual property from one another?

Thank you for your help!

Samuel

#2 MichaelC

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Posted 03 February 2010 - 01:03 PM

Hello, Samuel, and welcome aboard!
At this time our Legal Eagle forum is without a moderator. Several attorneys I have spoken to are concerned about offering general opinions and having them construed as legal advice. Such is the mindset of law school grads, I suppose. That said, I'll continue seeking an attorney who isn't so uptight and will again have this forum moderated.
Not being a legal whiz myself, my advice would be to contact a local attorney. Preferably one who is a real estate investor himself, or one who specializes in asset protection. Call your state bar. They often provide a referral service and attorney's who participate in it will often offer a free initial sit down with you, 15 minutes or so. You can also try your local REIC meeting. There should be an attorney or three hanging around who you can speak with.

#3 randian

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Posted 06 February 2010 - 03:01 AM

I wouldn't even consider a series LLC unless you're in one of the 7 or 8 states that have a series LLC statute.

The problem with single-member LLCs comes from outside liability (stuff you do personally like get into auto accidents) not inside liability (business activity).




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