The Series LLC is relatively new and complex entity. I recommend you consult a local tax profession and or attorney with experience dealing with Series LLCs. The tax treatment of Series LLCs and series by both the IRS and state tax departments is somewhat unclear. States do not have uniform and consistent tax guidelines. In some states a Series LLC is one taxable entity. In others, they are viewed as multiple taxable entities. As for the federal income tax treatment, the IRS has not issued final rules on the subject. This is something you need to get right from the beginning.
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