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style='mso-yfti-irow:0;mso-yfti-firstrow:yes;height:275.25pt'> <td width=750 colspan=2 valign=bottom style='width:562.5pt;background:black; padding:7.5pt 7.5pt 7.5pt 7.5pt;height:275.25pt'> <p align=center style='text-align:center'><img border=0 width=750 height=367 id="_x0000_i1025" src="https://ae887556f4-custmedia.vresp.com/library/1267749598/8d1162ccae/mainbanner.jpg?__nocache__=1" alt=mainbanner.jpg align=bottom></p> </td> <td valign=bottom style='padding:7.5pt 7.5pt 7.5pt 7.5pt;height:275.25pt'> <p align=center style='text-align:center'><img border=0 width=200 height=51 id="_x0000_i1026" src="https://ae887556f4-custmedia.vresp.com/library/1267749598/348ffca117/TaxThinkAboutIt.jpg?__nocache__=1" alt=TaxThinkAboutIt.jpg><br> <span style='font-family:"Trebuchet MS","sans-serif"'>Tax Think a division of Taryle and Associates, CPAs, PLLC&nbsp;<br> <strong><span style='font-family:"Trebuchet MS","sans-serif"'>PHONE: 480-948-9510</span></strong><br> </span><span style='font-size:10.0pt;font-family:"Arial","sans-serif"; color:navy'>email: <a href="mailto:info@tacpas.com"><span style='font-family: "Trebuchet MS","sans-serif"'>info@tacpas.com</span></a></span><br> <a href="http://cts.vresp.com/c/?TaxThink/bcc5d322f4/TEST/6487884d51/main_page="><span style='font-size:10.0pt'>Visit the Tax Think Website &gt;&gt;</span></a> </p> </td> </tr> <tr style='mso-yfti-irow:1'> <td width="20%" valign=bottom style='width:20.0%;background:#7C3A00; padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p align=center style='text-align:center'><strong><span style='font-size: 13.5pt;font-family:"Verdana","sans-serif";color:white'>Warren's Events &amp; </span></strong><b><span style='font-size:13.5pt;font-family:"Verdana","sans-serif";color:white'><br> <strong><span style='font-family:"Verdana","sans-serif"'>Deadlines</span></strong></span></b><span style='font-family:"Trebuchet MS","sans-serif"'> </span></p> </td> <td width="60%" valign=bottom style='width:60.0%;background:#7C3A00; padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p align=center style='text-align:center'><b><span style='font-size:24.0pt; font-family:"Verdana","sans-serif";color:white'>Warning About Series LLCs</span></b><b><span style='font-family:"Verdana","sans-serif";color:white'> <o:p></o:p></span></b></p> </td> <td width="20%" valign=bottom style='width:20.0%;background:#7C3A00; padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p align=center style='text-align:center'><strong><span style='font-size: 13.5pt;color:white'>&nbsp;</span></strong><strong><span style='font-size: 13.5pt;font-family:"Verdana","sans-serif";color:white'>Thursday Night Calls:</span></strong><strong><span style='font-size:13.5pt;font-family:"Trebuchet MS","sans-serif";color:white'> </span></strong></p> </td> </tr> <tr style='mso-yfti-irow:2'> <td width="30%" valign=top style='width:30.0%;border:solid #E3BF77 1.0pt; mso-border-alt:solid #E3BF77 .75pt;background:#E3BF77;padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p class=MsoNormal align=center style='text-align:center'><span style='font-size:13.5pt'><br> </span>&nbsp; </p> <p class=MsoNormal align=center style='text-align:center'><strong><span style='font-size:13.5pt'>1099s and W-2s must be sent to the IRS</span></strong> <br> by February 28, 2010. For more information on<br> <a href="http://cts.vresp.com/c/?TaxThink/bcc5d322f4/TEST/242a1ba590">1099s and W-2 click here&gt;&gt;</a> </p> <p class=MsoNormal align=center style='text-align:center'><br> <br> <br> &nbsp; </p> <p class=MsoNormal align=center style='text-align:center'><br> <strong><span style='font-size:13.5pt'>It is time to think about 2009 tax returns.</span></strong> <br> Please let us know what<br> &nbsp;<a href="http://cts.vresp.com/c/?TaxThink/bcc5d322f4/TEST/64a5354e0d">Tax returns you may want us to prepare&gt;&gt;</a> </p> <p class=MsoNormal align=center style='text-align:center'>&nbsp; </p> <p class=MsoNormal align=center style='text-align:center'>The 2009 tax organizers are ready!<br> <a href="http://cts.vresp.com/c/?TaxThink/bcc5d322f4/TEST/c5bb782371">2009 Tax Origanizers&gt;&gt;</a>&nbsp; </p> </td> <td valign=top style='padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p><span style='font-family:"Verdana","sans-serif"'>Normally I leave a lot of the discussion of entities to my brilliant partners at <a href="http://cts.vresp.com/c/?TaxThink/bcc5d322f4/TEST/464121b56d">Your Entity Solution</a> but recently I have been receiving several inquires about series LLCs. So I thought I should address the subject. A series LLC is a master LLC with one or more series (sometimes called cells) of members, managers, interests, or assets. Each series, although a part of the master LLC, can have their own separate rights, powers and duties. Each series can have separate business purposes and investment objectives.&nbsp; Each series can operate as a freestanding legal entity such that they could contract, own property, sue and be sued in their own name.&nbsp; Series LLC law intended that with a properly established and maintained series that the creditors of a series could enforce the liabilities of series against the assets of only that series. The assets of the master LLC and any other series would remain unreachable by those creditors. </span></p> <p><span style='font-family:"Verdana","sans-serif"'>Wow, what could be better than a series LLC, the benefits seem obvious. The costs to file and maintain a series LLC in most states is less than the costs to file and maintain multiple LLCs. A series LLC may require fewer organizational documents than multiple LLCs, especially when the series have identical ownership interests. Finally LLCs may find it quicker and easier to add an additional series than it would be to create a new LLC. The benefits of series LLCs are appealing enough that eight states have now enacted series LLC legislation (Delaware, Illinois, Iowa, Nevada, Oklahoma, Tennessee, Texas and Utah).&nbsp; I believe that many more states will eventually also adopt series LLCs. </span></p> <p><strong><span style='font-family:"Verdana","sans-serif"'>Now for the warning.</span></strong><span style='font-family:"Verdana","sans-serif"'>&nbsp; There are several serious issues that we are still unsure about when it comes to series LLCs. The two major categories for these concerns are; will the  internal walls between each series hold up in court; and how will the IRS treat series LLCs for tax purposes. With these two major concerns left basically unaddressed choosing a series LLC structure for your business should not be done without very careful consideration of risks. </span></p> <p><span style='font-family:"Verdana","sans-serif"'>To date there has been no court case that has decided one way or another whether liabilities can be contained within a single series as opposed to leaving all of the LLCs assets at risk.&nbsp; It seems fairly safe to say that if a series LLC is involved in a law suit in one of the eight states that permit series LLCs the courts would respect the intention of the legislation and not allow a creditor reach beyond the series involved. Those courts may nevertheless decide to disregard the series because it was improperly set up or proper separation between series was not maintained. Courts may require that separate books and records must be maintained for each series in order for the series to be respected. At this time we just have no idea of what the courts may be looking for. <strong><span style='font-family:"Verdana","sans-serif"'>If you are into adventure and want to be famous, a series LLC may just do the trick.</span></strong> You may be the lucky person who gets a court case named after them and from then on lawyers and judges will use your name when talking about series LLCs. </span></p> <p><span style='font-family:"Verdana","sans-serif"'>Whether the courts in the other 42 states that do not permit series LLCs will respect the walls between each series is the biggest mystery of all. A court in a state whose legislature has not approved series LLCs would, more than likely, feel absolutely no compulsion to follow another states law and respect the walls between the series.&nbsp; For example a series LLC formed&nbsp; in Nevada with a series containing a rental property in California is sued by an injured tenant in a California court (after all California is where the injury occurred). The California court may decide to award the plaintiff assets from the entire LLC not just the one series because California does not have a series LLC law. As a matter of fact the California attorney general said just that two years ago when asked about series LLCs. He said that California judges would not be bound by laws of other states. To make matters worse, when the California franchise tax board was asked about series LLCs they said that in their opinion each series would be viewed by them as a separate LLC therefore each series would be subject to the minimum $800 LLC fees.&nbsp; In my opinion, if you are going to be doing business in a state that does not allow for a series LLC it is way too dangerous to operate with that structure.</span> </p> <p><span style='font-family:"Verdana","sans-serif"'>Finally, another big reason to hesitate on using a series LLC is that the IRS has not yet determined how they will be treated for tax purposes.&nbsp; Many people have set up series LLCs and have even elected different tax treatment for each series; one series is treated as a C corporation, another as an S corporation and another one is partnership and still others are disregarded entities. The only problem with doing this is that the IRS has not said that this can be done. <strong><span style='font-family:"Verdana","sans-serif"'>These people are assuming that the IRS will let them do whatever they want!</span></strong>&nbsp; The only official statement on a series LLC from the IRS is one private letter ruling. A private letter ruling is where a taxpayer explains the details of what they would like to do, pays a rather large fee and the IRS tells them how they would treat their transaction. The IRS is not bound by this ruling to anyone except the taxpayer that requested the ruling.&nbsp; In the case of this particular private letter ruling, the IRS gave very little detail in approving a tax treatment similar to the one I mentioned above. However, with so little detail given in the ruling it is not possible to know what factors might have been important to the IRS when the ruling was made. I strongly believe it is irresponsible to make any assumptions on how the IRS will treat each series in a series LLC.</span> </p> <p><span style='font-family:"Verdana","sans-serif"'>I believe the IRS will eventually issue official guidance on series LLCs and once they do we will see most, if not all, states add series LLC laws to their books. Until that time comes, and until we have a solid history of case law to let us know how the courts will handle series LLCs, I will not be using them or recommending them. </span></p> </td> <td width="30%" valign=top style='width:30.0%;border:solid #E3BF77 1.0pt; mso-border-alt:solid #E3BF77 .75pt;background:#E3BF77;padding:7.5pt 7.5pt 7.5pt 7.5pt'> <p align=center style='text-align:center'><strong><span style='font-family: "Verdana","sans-serif"'>Don't forget, as a subscriber to TaxThink About It! you may attend our Thursday night calls</span></strong><span style='font-family:"Verdana","sans-serif"'>.<br> </span><span style='font-family:"Trebuchet MS","sans-serif"'><br> </span><span style='font-family:"Verdana","sans-serif"'>Call is every Thursday (except holidays) 3:00 pacific time </span><span style='font-size: 10.0pt;font-family:"Trebuchet MS","sans-serif"'><o:p></o:p></span></p> <p align=center style='text-align:center'>&nbsp;</p> <p align=center style='text-align:center'><span style='font-size:13.5pt; font-family:"Verdana","sans-serif"'>You won't believe the sweetheart deal that the Indymac boys were given by the FDIC. <strong><span style='font-family: "Verdana","sans-serif"'><a href="http://cts.vresp.com/c/?TaxThink/bcc5d322f4/TEST/d7f91e8eba">You Have to see this video&gt;&gt;</a></span></strong><br> <br> </span><span style='font-family:"Trebuchet MS","sans-serif"'><br> <a href="http://cts.vresp.com/c/?TaxThink/bcc5d322f4/TEST/dc393fea4c/TaxThink/6de5538f54/02767bb837/33e3ae6a67/affid=936914"><span style='font-family:"Verdana","sans-serif";color:#B35408'>Get your free subscription to Bob Proctor's Insight of the Day&gt;&gt;</span></a></span><span style='font-size:18.0pt;font-family:"Trebuchet MS","sans-serif"'>&nbsp; </span><span style='font-size:10.0pt;font-family:"Trebuchet MS","sans-serif"'><o:p></o:p></span></p> <p align=center style='text-align:center'><span style='font-size:10.0pt; font-family:"Verdana","sans-serif"'><br> </span><span style='font-family:"Verdana","sans-serif"'><br> </span><b><span style='font-size:13.5pt;font-family:"Verdana","sans-serif"'><br> <br> <strong><span style='font-family:"Verdana","sans-serif"'>This Week's Quote</span></strong></span></b><span style='font-size:18.0pt;font-family:"Trebuchet MS","sans-serif"'> </span><span style='font-size:10.0pt;font-family:"Trebuchet MS","sans-serif"'><o:p></o:p></span></p> <p align=center style='text-align:center'><span style='font-family:"Verdana","sans-serif"'> There s no way to rule innocent men. 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