so larry, what is a series llc?

A Series LLC is first, an LLC (Limited Liability Company). LLC's enjoy the good things about both corporations and partnerships, such as: flow through taxation like a partnership; and a liability shield like a corporation. There are many other characteristics, but that is good for now.

The "Series" aspect is that you can create an LLC which is only one company but has lots of individual and distinguishable parts that act somewhat as if they were different companies. And so, if you have more than one enterprise going you can separate them, but save money with a Series LLC as opposed to having completely different corporate entities for each. As I said on a previous entry, the primary savings in cost is the administrative costs.

Many persons also use this vehicle to separate personal assets from liabilities that they may have, thus protecting their assets from some lawsuits. Other persons utilize Series LLC's as a way to organize their estate and lessen or eliminate estate and inheritance taxes.

What are the other differences between an LLC and a Corporation, or a Partnership? And what about Limited Liability Partnerships? Tomorrow...