To solve the liability problem that many business or property owners face with owning multiple businesses and properties and one being tied to the liability of all the others, the Delaware legislature created a type of legal entity that can separate each company or property as far as liability is concerned. This entity is named the Delaware Series LLC. This type of business has to be created in Delaware, however it can operate to do business in any of the states or own property in any of the states. This is truly an innovative idea and can help many business owners tremendously. It allows the business owner or property owner to operate several LLC companies under one big umbrella, thus eliminating the need for the business or property owner to have to create several different LLC businesses which can get very complicated and pricey.
Each different entity of the Delaware Series LLC can own its own separate assets and accepts its own liabilities. The nice thing is that this type of entity can cut down immensely on the complexity of the business when it comes to book work and taxes. A Delaware Series LLC can pay only one filing charge. It also has a big benefit in that it only has to file one income tax return every year as well. There are many other benefits to the Series LLC that can be gained.
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