I currently have several LLCs that we are looking to combine and condense down. I have heard of Series LLCs which allow you to put different LLCs with different partners and fuctions on to one return. This would save me money on my tax prep and be easier to show to lenders for real estate loans. The majority of the LLCs that I have contain rental property and make money in different real estate matters.
Does anyone know how to take my current LLCs and do this Series LLC set up? I have extensions filed for my LLCs for 2014 as of now. Is it to late to set this up o my 2014 tax forms?
A few more things to know:
1) The company I would most likely combine the other LLCs into is an LLC but we selected to be taxed as an S Corp. Not sure if this is a big deal or not
2) I live in Oklahoma(I read somewhere that it is one of the states that DOES recognize these Series LLCs)