The Series LLC structure is gaining traction in 2025, especially among founders managing multiple assets, product lines, or ventures under one umbrella. Wyoming’s version offers unique advantages—one legal entity, optional series, and no need to file each series with the state. But what about taxes? Let’s explore how this structure works and what it really means for compliance.
Relevant IRC Codes & Definitions
- IRC §7701 – Defines entities for federal tax purposes. Each series may be treated as a separate entity.
- IRS Notice 2010-38 – Clarifies federal tax treatment of Series LLCs. Each series may need to file separate federal returns if it operates independently.
- IRC §6031 / §6012 – Applies to partnerships and corporations, including individual series under a Series LLC umbrella.
- IRC §162 – Business expenses (including license tax) are deductible.
Bottom line: At the federal level, each series may be a separate taxpayer based on operations, even if not individually registered in Wyoming.
IRS & State Form References
Federal IRS Forms:
- Form 1065 – For each active series (if treated as a separate partnership)
- Form 1120 / 1120-S – For series taxed as corporations or S corps
- EIN – Each series with independent activity may require its own EIN
Wyoming Requirements:
- Only the parent LLC is filed with the Secretary of State
- No separate registration for individual series
- One Annual Report filed for the master entity
- One License Tax based on total assets across all series
Real-World Example
Scenario:
HiveHold LLC, a Wyoming Series LLC, owns:
- A real estate portfolio (Series A)
- A SaaS app (Series B)
- A consulting firm (Series C)
Each has its own bank account and operates independently. For state purposes:
- Only the parent entity is publicly filed
- One license tax is calculated based on combined Wyoming assets
- Three separate federal returns may be required based on operational separation
Result: The founders get legal separation, streamlined state filings, but must handle multi-entity compliance with the IRS.
Step-by-Step Guide for Founders Considering a Series LLC
- Form a Wyoming LLC, designating it as a Series LLC in the operating agreement.
- Create separate series internally with distinct names, purposes, and operations.
- Assign separate EINs if series are operationally distinct.
- Open separate bank accounts for each series.
- File a single Wyoming Annual Report and pay license tax based on total assets.
- Prepare separate federal returns if each series operates independently.
- Maintain internal records for ownership, income, and expenses by series.
Conclusion
The Wyoming Series LLC is a flexible and efficient vehicle for founders managing multiple ventures or investments. It simplifies state-level filings while offering the potential for asset protection and liability segregation. However, IRS compliance remains complex—each series could be a separate taxpayer, so strategic tax planning is essential.
Call to Action
Managing multiple businesses or properties under one roof? The Series LLC may be your secret weapon.
Anshul Goyal, CPA EA FCA, is a Certified Public Accountant licensed in the U.S., an Enrolled Agent before the IRS, and a Chartered Accountant from India. He provides tax planning, compliance, and representation for complex structures including Series LLCs.
👉 Schedule a strategy session with Anshul Goyal, CPA, to set up your Series LLC the right way and manage its multi-layered tax requirements.
Disclaimer
This blog is provided for informational and educational purposes only. It is not intended as a substitute for personalized legal, tax, or financial advice. The content herein does not establish a client-accountant relationship and should not be relied upon to make business, tax, or legal decisions without consulting a qualified professional
FAQs (Top 5 High-Searched)
Q1. Does Wyoming require each series to be registered separately?
A1. No. Only the master LLC is registered. Series are internal designations.
Q2. Do I need a separate EIN for each series?
A2. Yes, if each series operates independently and files its own tax return.
Q3. How many tax returns must I file for a Series LLC?
A3. One for each series that operates as a separate business, plus one for the master if applicable.
Q4. Is the license tax based on each series or the total entity?
A4. One tax is paid based on total Wyoming assets across all series.
Q5. Can I mix real estate and SaaS in one Series LLC?
A5. Yes. That’s one of the major benefits—asset and operational segregation within one legal umbrella.
About Our CPA
Anshul Goyal, CPA EA FCA, is a U.S.-licensed CPA, IRS Enrolled Agent, and Chartered Accountant (India). With more than 2,000 clients worldwide, he specializes in entity structuring, Series LLC planning, and advanced tax compliance for founders and cross-border businesses.