Series LLC Definition
Series LLC
DEFINITION
A Series LLC, is a single LLC with separate cells, such as ABC Real estate LLC with different properties, one for each cell. Similar to an umbrella entity that has the ability to partition its assets and liabilities among various sub-LLCs or series. Each cell has different assets, members or managers. The profits and losses of each series are legally separate from the other series, thereby creating a firewall between each series. This eliminates the expense of multiple LLCs. you will need an operating agreement for the master LLC and one for each series you plan to form. The master LLC operating agreement generally provides rules for the overall operations of the series LLC. Likewise, operating agreements for each series provide customized rules for operations. To maintain the liability protection of each series it is important to treat each series as a separate company. This includes having a separate bank account, maintaining separate books and records, signing contracts using the name of the series, documenting all transactions, and keeping adequate amounts of capital on hand for business purposes.
Series LLCs are available
Delaware
Iowa
Illinois
Oklahoma
Nevada
Tennessee
Texas
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Terri J Lee S.
Arizona Member
I originally joined LegalShield because I wanted to get my will completed. However, I have kept my membership because of the value it provides. I feel good knowing that if I have a legal question or if I need help with a legal document, I can contact LegalShield. I would highly recommend this company, and in fact, I have referred some of my friends and family members
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Anthony L.
Texas Member
It was awesome! The Provider Firm that I spoke to was great and the cost of this service is great, too. My wife, kids and I have a Provider Firm in the palm of our hands. For $24.95/mo., the investment is well worth it.
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