Series LLC or Separate LLC's?

[Daric Myers]

I'm not there yet, but my lawyer had recamended a Series LLC. Now he's not an investor himself, but works with other investors in town. He's kind of my only option for local attorney. Is it better to have a Series LLC or separate LLC's? Why? And can anyone recamend a "virtual" real estate attorney?

[Allan Smith]

I'll let other professionals get into the details more, but the primary reason for Series LLCs is costs and overhead. Instead of operating a dozen separate LLCs, each with new filing fees, annual maintenance fees, taxes, keeping separate books, bank accounts and so on, Series LLCs cut back on all that (you might need separate accounting and bank accounts still, I'm not sure of the details, but you get the idea). Series LLCs have one "parent" LLC so there's a lot less red tape to run the business.