These broad powers allow each series to act in the same way to an independent limited liability company. Finally, the implementation of the proposed IRS rules means that all protected series must have a separate UN. Of course, we recommend that our clients obtain an EIN for banking purposes and identify the final implementation of the IRS proposals. In addition, we recommend that clients consult a CPA that is familiar with the regulations proposed by the IRS to make a decision on how they should submit federal income taxes for their LLC series. The LLC Series is one of the most complicated business structures, which is why we recommend having a qualified lawyer to help you write the enterprise agreement of your Texas Series LLC. But you don`t have to start from scratch. At Northwest, we provide free operating contract LLC templates as well as other free LLC forms that you can use as a springboard for writing documents that meet the requirements of your Texas Series LLC. Take a look: Too often we see customers who have entered into online enterprise agreements that allow the new LLC series to easily create secure series without specificity, how, when and who can create the protected series in question. In addition, these rare enterprise agreements do not contain necessary legal provisions and do not meet the LLC`s documentation requirements for the production, operation and completion of a protected series. Business applicants in the State of Texas must confirm the availability of their username before submitting their application to the Secretary of State. A preliminary search of the name in the state records will verify its availability and clarity (an online account must be created to access the state search function).
Have you put in place any information about serial llcs in Texas? For example, if ABC Management, a protected series of ABC, LLC, wanted to do business as „XYZ Management,” they would simply file an accepted certificate appointment at the district level. They would then develop landlord-tenant contracts and agreements, open bank accounts and buy business cards under XYZ Management. Simply put, it is not advisable to create protected series under a converted master LLC that has commitments that could potentially blow up all the liability shields created by protected series. It is much easier and safer from a legal and asset protection point of view to create only a new LLC series. For long-term Texas real estate investors, two LCRs are recommended for optimal asset protection. A traditional LLC would act as a management company and the other series LLC as a holding company for the investor`s real estate. It is important to note that the holding company does not enter into commercial relationships and contracts outside of the sale of real estate at each series. This makes its assets inaccessible in most cases, when correct records are respected.