This … A series LLC may have different members and managers in each series. The state of Illinois, for example, charges $600 to form a regular LLC and $850 for a series LLC. With a series LLC, the owners can manage the company themselves or hire someone else to run the business. This is because each cell of a series LLC does NOT need a separate operating agreement. Is My Landlord Liable For Negligent Security? Series LLCs can get a little complicated, so let’s start with the basics. A primary residence is not usually put into an LLC. Here's a break down: ‍As you can see, if you have 2 businesses the Series LLC is already more cost-effective from a Secretary of State perspective than filing 2 LLCs. Call Sean Robertson and Gateville Law Firm today at 630-780-1034 for a telephone or zoom consultation. A Series LLC Illinois is an option for new business entities in the state as of 2005, creating a limited liability company that serves as an umbrella for separate companies formed within the Series LLC. The Series LLC was first introduced by Delaware in 1996. Kevin O’Flaherty is a graduate of the University of Iowa and Chicago-Kent College of Law. This is especially the case when the businesses are related and can share an operating agreement. Each state has different laws surrounding Series LLCs, so it is important to keep up on Illinois Laws and Procedures to ensure you are staying compliant and lawful. Selling a Condominium. For example, if someone falls and becomes injured at Residential Rental Property 1, only the assets of the Series set up for this individual property are at risk. Instead, only the "Mother" LLC needs an operating agreement. With a properly structured Series LLC, all of the Series’ taxes can be reported on a single tax return for the Series LLC. Is A Pre-Closing Home Inspection Good Prior to Selling a Home? Over the years, state corporate statutes, appellate case decisions, and tax regulations hav… The concept was borrowed from Delaware’s statutory trust law, which was particularly popular with mutual … Real Estate Title Issues and Affidavits of Heirships. The Illinois Secretary of State regards a series LLC as one entity filing a single annual report and paying a single fee. The primary difference between the two is that the Series LLC incorporates special language into the Certificate of Formation … The purpose of a free consultation is to determine whether our firm is a good fit for your legal needs. For a couple of centuries, corporations were the major choice for a limited liability entity. Although typically the benefits greatly outweigh the costs of creating a Series LLC, there are still some cons associated with it. This creates ease and peace of mind for landlords when it comes time to doing taxes. The bottom-line:  If a client is looking to set up multiple businesses, and have each protected from each other's liability, I often recommend a Series LLC. With these features, the series LLC is an excellent choice for real estate investors or anyone who needs a solid asset protection system. This site is maintained for the Illinois General Assembly by the Legislative Information System, 705 Stratton Building, Springfield, Illinois 62706 217-782-3944 217-782-2050 (TTY) Our Real Estate Lawyers have a niche in the following areas of Real Estate Law: Our Law Firm services the following areas of Chicago and the Suburbs of Chicago. While an LLC is a good first step, real estate investors in particular should strongly consider the use of a Series LLC. By creating a Series LLC for multiple rental properties, you significantly reduce your liability. I received calls from people all over the United States and other countries asking specifically for the Series LLC. 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