318: When to use a Series LLC

Main Street Business

Mark J Kohler and Mat Sorensen

Tax Reform, Entrepreneurship, Business, Irs Updates, Tax Tips, Legal Compliance, Business Structure, Tax Prep, Accounting, Tax Strategies, Management, Financial Reporting, Estate Planning

2.4 • 584 Ratings

🗓️ 17 December 2020

⏱️ 60 minutes

🔗️ Recording | iTunes | RSS

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Summary

Mark Kohler and Mat Sorensen break down the Series LLC strategy in an easy to understand way. They introduce when a Series LLC should and shouldn't be used, why a business owner should use this strategy, and even how much it can cost. Also, back by popular demand, the Tax and Legal tips are back! Be sure to tune into this week's episode and subscribe to be sure you don't miss any game-changing strategies on building wealth, saving on taxes, and living the American Dream! To listen or se...

Transcript

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0:00.0	Welcome everyone to the Main Street Business Podcast with Mark Kohler and Matt Sorenson.
0:10.5	We are delighted to be with you this lovely holiday season.
0:16.2	For those of you on video, you can see Mark right now.
0:20.4	He wants to be viewed as an mMA fighter
0:22.7	i didn't say that with his beanie is that is that is that what you're going for what look
0:27.8	are you going for just kind of a cool looking guy i mean see when you're an accountant you've got
0:34.8	you've got to go to extra lengths to look hip. It's just because naturally you're
0:40.7	kind of a nerd. And so it just comes with the territory and the title. So I have to work outside
0:46.4	the box. So for those that are watching this on YouTube, which it is posted on YouTube every week,
0:51.4	as well as Spotify, iTunes, and Stitcher. We would love any of you that
0:56.0	want to view our podcast. You may do so on YouTube. And you just have to search Main Street
1:02.8	Business Podcast and you'll find it immediately. Please subscribe and hit the bell icon. So whenever a
1:07.5	new podcast is released, you'll get it it but what matt was trying to point out
1:12.3	is that i look cool today and he doesn't and that's just that's the sad what it looks like is that
1:18.6	i'm at work and mark's not oh mark's just rolled out of bed or he's like, oh, I got the gym.
1:31.0	I'm like, I got to get the gym.
1:32.2	I can't believe you said that.
1:33.7	That is so rude.
1:36.1	I have been working.
1:37.7	What happened was I got dressed to work out this morning, and I have gone back-to-back
1:42.8	appointments and work, not even have the time to put on a suit and tie. So Matt, you must have time to spare. I've just been working all morning. Yeah, I did have time to get dressed for work, though. All right, well, we got a good show today. Tell them the title. Yeah, we do. We're talking about series LLCs, as you saw in the description there. And this is a really common strategy. It's somewhat new. I mean, I guess the last 10 to 15 years. You could be using a lawyer and accountant that's been in the dark ages and doesn't know what a series LLC is. But we've been helping our clients with these for a decade now. and it's turned out to be really common, particularly for real estate investors.
2:20.2	So we'll break down this series LLCs, what states you can use in it, continues to grow, and how to properly get it set up and operate.
	...

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