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Submitted by UCS on May 23, 2018
Series Limited Liability Companies are gaining traction. There is still a tremendous amount of confusion with the courts and the IRS as to their structure.
The Series LLC was first introduced in Delaware in 1996 as a special form of a Limited liability company that provides liability protection across multiple “series” each of which is conceptuality protected from liabilities arising from the other series. For example, a series LLC that purchases separate pieces of real estate may put each in a separate series so if the lender forecloses on one piece of property, the others are not affected.
The following states currently allow for a Series LLC to be established:
On April 6th, the Delaware Corporation Law section of the Delaware bar association proposed a variety of amendments to the Limited Liability Company act in their state. Part of the proposals addresses the Series LLC. The purpose of these changes is to clarify the characteristics of the series LLCs and facilitate more widespread use of this entity type.
For further details on the proposal and a more comprehensive description of Delaware Series LLCs, United Corporate Services invites you to read this informative article written by attorneys Shannon Frazier and Jonathan Strauss of Morris James LLP who really breakdown the proposed changes and overview of the series LLC.
https://www.jdsupra.com/legalnews/delaware-proposes-updates-to-its-llc-27269/
Written by Our Team
United Corporate Services (“UCS”) provides registered agent services in all 50 states and U.S. territories as well as in select international jurisdictions. With 50 plus years of experience in the legal services industry, UCS partners you with a highly skilled staff of Client Service Representatives who can help with navigating through the complexities of forming and maintaining companies for yourself or your client.
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