How Understanding a Series LLC is Necessary for a Real Estate Agent
Hi, my name is Jordan Flake, I’m an attorney with Clear Counsel Law Group. We do estate planning. We do a lot of work with realtors, and just one very, very specific tip for real estate agents that they may wish to consider is understanding what a series LLC is, and what it does. When I use the word series LLC, you may know a little bit about it, but what I really want is for that to trigger in your mind the following scenario. You may have an investor who owns various properties, and the way that those properties are titled are in his or her own name. Sit here and just imagine that person for a second, that client of yours who has Jane Smith, she has five properties that are all in the name of Jane Smith. That’s the client who needs to learn from you first, and then from us second as the attorney about what’s called a series LLC.
Essentially this type of LLC says that Jane Smith can take those properties and put them each in a separate, compartmentalized liability protected box similar to as if she created five LLC’s. Because it’s a series LLC, it’s really only one LLC, with five separate compartments. Think about who your investor client is, or who your friend or neighbor is who owns various properties in their own name, and then think about learning and telling them about the option of a series LLC. Hopefully, if their interested, they can meet with us, and we’ll do a free consultation to discuss the process for getting a series LLC set up properly. Reach out to me if this interests you, Jordan Flake, Clear Counsel Law Group, I look forward to hearing from you, thank you.