All Forum Posts by: Eav Lim

It is one operating agreement for all the property that I set up for the LLC. I could have 2 property or 20 property. The agreement would still be the same. I filed everything at the recorders office and they were fine with it. Just make sure everything is filed out correctly and the border of all pages is standard to save time from going back and forth.

I actually have two people in the LLC. So it will be taxed as either s or c. I will let my accountant handle that part of it. I created a master LLC And have 1 EIN for the entire property. Please correct me if I'm wrong but I do not need to create any DBA for the other rental properties for the series LLC. I also opened up a bank account for the business. I was able to open one with wellsfargo as they allow you to set up the account as a series LLC. No need to open anymore bank accounts. I have called up Chase and Citibank and they do not allow series LLC to open up accounts. hoPe that's helps.

Yeah Thanks for all your input John. I was thinking a long the same line of the same. I had a business in NY which was set up almost the same way. We needed to separate the funds so that each member of the PLLC can manage their own expenditure separately but yet still within the confine of the main account, so we ended up opening 3 other bank account from the main branch. I am assuming that your other DBA are also using the same EIN as the parent.

I have been in contact w/ my lawyer who is also a CPA, pretty much he was the one that recommended for me to start up the LLC for asset protection mainly. But I just wanted to cross reference from my own research and others that are familiar just to make sure everything is the way the lawyer say it is.

Again, Thanks for your time and input John. I have been searching for this matter for awhile now and clearly no one really discussed about the nitty gritty of it. Other lawyers I have spoken to also say they can help me do it, similar to opening up the LLC but charge me a fee for it. I actually did it in under 30mins. The hardest part was to think of the name of the company.

Thanks a lot John. That really makes a lot of sense. I was trying to figure out if forming the sub-LLC is a legal process w/ registration and all that. I guess the only thing I would have to do is to fill out the DBA form from Clark County and hand it in. I am assuming that once the application is accepted and processed, they will send me the DBA certificate to my mailing address and not my business address if separate.

How did you fair w/ opening different bank accounts under each DBA? I am assuming that since I have 4 property, then I would have a MASTER LLC, then MASTER SERIES1, MASTER SERIES2, MASTER SERIES3, MASTER SERIES4. Therefore, that would be 5 different business accounts? At the same time, I am assuming that when doing repairs on properties and such, each property must manage its own finances basically. For example, Repair on property of MASTER SERIES1, must withdraw money from its own bank account and cannot take money from MASTER SERIES2 to pay for repairs?

Hello, 

I am new to this forum.

I already have a property series LLC registered in Nevada. I have 4 properties located in Nevada which I am creating a quitclaim deed to transfer to the LLC. There will be 2 members of the LLC. All the members live in New York, but our business is in Nevada, hence, the Nevada LLC.

Would anyone know how I can put the sub-LLC into effect for each of my properties? Is there some place I am suppose to register at? I called Nevada County Clerk and they basically told me that only the master-LLC is registered w/ them, hence only one sum fee per year for member list and business registration. I registered the LLC as series.

I contacted a few legal firms, but I've basically did everything myself so far, so just waiting to hear back from them. But I just want to get opinion from other people as well.

Thanks!