Setting up our entities this way, Scott came along and said, oh, well, that's kind of the old way.

The new way to do it is this way now his way seems a lot

simpler but we haven't done it and so we are continuously learning about this right so

we wanted to bring Scott on the show tonight so we can answer these questions for you.

Scott Smith is again the founder of Royal Legal Solutions, a lawyer of course, and who knows all about Series LLCs.

So Scott, welcome to the show, my friend.

Yeah, fantastic to be here.

Excited to be able to share with you guys today about how we use the Series LLCs

for real estate investors and how that

integrates in with tax savings opportunities as well as the estate planning because we we do all

it. So the basic sort of tenants that we can all agree on is that in any given LLC, the purpose

is to limit your liability of damage.

So you wouldn't take everything you own

and put it in one LLC, where say your wife sells knitting on

ETSI and you then also give services, I don't know, landscaping in another, right?

So we keep LLCs for specific purposes and we limit what we put into them.

That is something we agree upon no matter how you structure your LLC, correct?

Yeah, that's right.

So we're always looking in terms of asset protection

at three different major cornerstones. One is the insurance, the second is

compartmentalization and the third is anonymity that comes into it. So what

you're referring to now is actually what we refer to as compartmentalization. You need one LLC or do you

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