Series limited liability companies (Series LLCs) can be compared to summer music programs like Interlochen Arts Camp. Like Interlochen, a Series LLC may have numerous and diverse series, but all are part of the same legal...more
The limited liability company, or LLC, has become the go-to business entity form for the combined liability protection and favorable tax treatment, but few are aware of the LLC sub-form that provides additional asset...more
Lately I’ve been approached by clients and potential clients about series LLCs, so I thought it would be worth blogging about. Basically, a series LLC is an LLC that may create one or more series, each generally having...more
Delaware and several western or mid-western states, including Nevada which has been somewhat of a pioneer in the development of LLC law, have enacted business entity rules pursuant to which an LLC organized in that...more
Arkansas’ most recent legislative session saw the adoption of a number of laws, none more complicated than Act 665, an Act to adopt the Uniform Protected Series Act. Arkansas’ Uniform Protected Series Act (the “UPSA”) is set...more
On August 1, 2019, important amendments to the Delaware Limited Liability Company Act (the “LLC Act”) and the Delaware Revised Uniform Limited Partnership Act (the “LP Act”) will become effective. These amendments will...more
Important amendments to Delaware’s alternative business entity statutes, namely, the Delaware Revised Uniform Partnership Act, 6 Del. C. § 15-101, et seq. (“DRUPA”), the Delaware Revised Uniform Limited Partnership Act, 6...more
On April 6, the Delaware Corporation Law Section of the Delaware Bar Association proposed some major and minor amendments to the Delaware Limited Liability Company Act. If introduced in and approved by the Delaware General...more
On April 19, 2018, the Executive Committee of the Delaware State Bar Association (DSBA) approved proposed amendments to the Delaware Limited Liability Company Act (the DLLCA), the Delaware Revised Uniform Limited Partnership...more
Letter from the Editors - All everyone can talk about these days are cryptocurrencies and the stock market. While there are still skeptics regarding cryptocurrencies and Initial Coin Offerings (ICOs), there is little doubt...more
The Series limited liability company (the “Series LLC”) is more nuanced than an ordinary limited liability company, and for the right user, it provides flexibility that will streamline administration better than other...more
September 7, 2016 Publications Series LLCs are gaining traction across the country and, although Pennsylvania does not (yet?) permit the formation of Series LLCs, it has taken a major step in solidifying their acceptance...more
In Kurz, et al. v. AMCP-1, LLC, et al., an unpublished opinion filed on February 10, 2016, the Maryland Court of Special Appeals refused to accept the plaintiff’s argument that the trial court, in disregard of Maryland law,...more
In This Issue: - Forming a Limited Liability Company - Shelf LLCs - Series LLCs - Governance - Members - Operating Agreement - Standards of Conduct - Distributions - Merger, Conversion...more
Most practitioners have now heard of “series” limited liability companies. Series companies (and series partnerships) have been around for quite some time now in Delaware and are becoming more familiar as series organization...more
Suppose you are a real estate developer with two buildings and you anticipate that investors in each building will have different investment objectives. If the buildings are placed in a single limited liability company, each...more