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25 June 2018 | 6 replies
Whether the courts of a non-series LLC state would respect the liability shields of a series LLC is not known.The IRS has issued proposed regulations providing insight into the IRS’ treatment of these entities:1) Each series within a series LLC will be treated as a separate entity for federal income tax purposes;2) Each series is allowed to choose its own entity classification independent of the classification of other series; and3) Each series should only be liable for federal income taxes related to that series.The proposed regulations do not address the entity status of a series organization for federal tax purposes nor do the proposed regulations specifically address whether each series within a series LLC should obtain a separate employer identification number (EIN) and file a separate federal tax return.Until final regulations are issued, I advise clients to obtain separate EINs and file separate income tax returns for each separate series which, I believe, helps each series maintain separate and distinct corporate identities, thereby reducing the risk anyone may be able attached a judgment to you or another series and pierce the corporate veil.Other ways to minimize the chance that one series may be held liable for liabilities of the entity as a whole (or another series) include the following:1) Create a separate bank account for each series (again, you’ll need a separate EIN to do this)2) Don’t commingle funds within series.3) Always sign documents in the name of the series.4) Properly document all loans between series.5) Conduct all transactions between series in an arms'-length manner at fair market prices using appraisals.6) Keep the assets and operations of each series separate from the other series.
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20 September 2017 | 1 reply
However, the blood test was done after they had been living in this duplex for a few months and the building was definitely pre1975.My buddy, who has some rentals, told me a story that was almost identical, where he had to pay an attorney $9K to defend himself in a lawsuit for a kid found having lead in his blood in one of his buildings.
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27 April 2018 | 11 replies
I feel like my integrity was not respected by his teacher nor my image and future business identity.
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2 June 2016 | 2 replies
What I meant was when I was creating my list whether I should hit 10 towns by selecting the entire county that I want to invest in or if there is some reason why it would be better to create 10 identical lists; one for each individual town.
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4 September 2016 | 2 replies
Verify that there are at least 3 other comparables sold nearby (less than half a kilometer) that are identical looking and find out what their average selling price was (sold in the last year)3.
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19 September 2016 | 6 replies
The business model of a Wholesale company is different than that of a Real Estate Investment company, you seem to have a little of both models in your plan for a Wholesale company.If you truly are going to be purchasing property as stated in your Company summary, I would suggest changing your company identity from Wholesale to an Investment company, industry people may see the inconsistencies and be cautious about dealing with you not knowing what your true nature of the deal at time is.
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21 October 2015 | 4 replies
If you were in business long enough, you might be able to make a reasonable court argument against someone glomming on to your identity, but business is business, and registries and trademark protection exists for a reason.
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26 June 2013 | 4 replies
Those with little or no money who actually don't buy and hold RE that run around calling themselves "investors" are just wearing an ego button on their shirt, pretty much a self proclaimed identity and that in itself can mislead a seller.
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17 December 2014 | 59 replies
@Kris Haskins Sorry that sucks.YOUR GUYS WANT A STORY....A guy bought my property with fake funds. created a fake POF and stole someone else's identity to make initial payments.He ended up going to fail for 10 years Property was in FL, 3 years ago crazy scams do happen
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5 July 2016 | 72 replies
It's an entire street of 25x29 brick boxes that are more or less identical.