I will add a couple of comments:
- I also agree that you get professional assistance so you understand the tax and legal implications.
- Make sure the operating agreement allows for the Series LLC
- There are numerous "less than clear" open questions in this area.
- While the current federal treatment is filing a single "master" LLC tax return, make sure you have excellent separate books and records for each series to support the separate liability issue.
- The single LLC tax return will reflect ALL income, expenses, assets and liabilities on a single return.
- This is NOT like a consolidated C corporation tax return where each subsidiary is reflected separately and then consolidated at the parent level.
- Don't be penny wise and pound foolish in this venture. Penalties, and legal issues, could certainly outweigh any professional fees.
*A reminder that posts in a forum such as this do not constitute tax advice.
Also keep in mind the date of replies, as tax law changes.
