Case study . Real estate portfolio

Atlas Real Estate consolidated 8 properties across 4 states into a Series LLC structure

An individual investor with 8 rental properties across 4 states reorganized from 8 separate LLCs into a Delaware Series LLC with foreign qualifications. File.Business handled the structure transition, multi-state compliance, and unified reporting.

Delaware + 4 foreign states Real estate . 8 properties
Before File.Business

8 separate LLCs in 4 states. 8 annual reports. 8 RA fees. 35 hours/year of compliance admin. 4 different state regimes. $4,800 in fees + RA. Bank fragmented across 4 banks.

After File.Business

1 Delaware Series LLC with 8 protected series. 1 master annual report + foreign-qual annual reports in 3 other states. $2,400 in fees + RA. 8 hours/year of compliance admin. Unified banking through one institution.

Background

Solo real estate investor with a portfolio of 8 rental properties across Texas, Florida, North Carolina, and Tennessee. Each property had been formed in its own state LLC, resulting in 8 separate annual reports, 8 separate banking relationships, 8 separate registered agents, and 4 different state compliance regimes to track.

Annual compliance was costing $4,800 in state fees + RA fees and 35+ hours of administrative time. After analyzing options with File.Business, the investor reorganized into a Delaware Series LLC with each property held as a separate protected series, foreign-qualified in each operating state.

The entity stack

Entity Purpose
Atlas Real Estate, Series LLC (DE)Master Delaware Series LLC. 8 protected series (one per property).
Foreign qual in TX, FL, NC, TNMaster entity foreign-qualified in each operating state.
8 protected seriesEach property held as separate series with own EIN, books, lease, bank sub-account.

Outcomes

  • $2,400 saved annually on state fees + RA across the portfolio.
  • 27 hours/year saved on compliance admin (35 → 8 hours).
  • Liability isolation preserved per property via Series LLC structure.
  • Single dashboard for all 8 properties in File.Business Vault.

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Niche EntityA holding company is an LLC (or Corporation) whose primary purpose is to own equity in subsidiary operating entities, not to operate a business itself. Wyoming and Delaware are the