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Are the cells corporate-veiled and bankruptcy-remote from each other?</span> </div> </a> <ul id="toc-Are_the_cells_persons_with_capacity_to_form_contracts?_Are_the_cells_corporate-veiled_and_bankruptcy-remote_from_each_other?-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Full_faith_and_credit_by_other_states_that_do_not_have_series_LLC_laws" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Full_faith_and_credit_by_other_states_that_do_not_have_series_LLC_laws"> <div class="vector-toc-text"> <span class="vector-toc-numb">2.3</span> <span>Full faith and credit by other states that do not have series LLC laws</span> </div> </a> <ul id="toc-Full_faith_and_credit_by_other_states_that_do_not_have_series_LLC_laws-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Tax_treatment" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Tax_treatment"> <div class="vector-toc-text"> <span class="vector-toc-numb">3</span> <span>Tax treatment</span> </div> </a> <ul id="toc-Tax_treatment-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-States_and_territories_where_a_Series_LLC_can_be_formed" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#States_and_territories_where_a_Series_LLC_can_be_formed"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>States and territories where a Series LLC can be formed</span> </div> </a> <ul id="toc-States_and_territories_where_a_Series_LLC_can_be_formed-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> <nav aria-label="Contents" class="vector-toc-landmark"> <div id="vector-page-titlebar-toc" class="vector-dropdown vector-page-titlebar-toc vector-button-flush-left" > <input type="checkbox" id="vector-page-titlebar-toc-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-vector-page-titlebar-toc" class="vector-dropdown-checkbox " aria-label="Toggle the table of contents" > <label id="vector-page-titlebar-toc-label" for="vector-page-titlebar-toc-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--icon-only " aria-hidden="true" ><span class="vector-icon mw-ui-icon-listBullet mw-ui-icon-wikimedia-listBullet"></span> <span class="vector-dropdown-label-text">Toggle the table of contents</span> </label> <div class="vector-dropdown-content"> <div id="vector-page-titlebar-toc-unpinned-container" class="vector-unpinned-container"> </div> </div> </div> </nav> <h1 id="firstHeading" class="firstHeading mw-first-heading"><span class="mw-page-title-main">Series LLC</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="This article exist only in this language. 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.mw-parser-output .sidebar:not(.notheme) .sidebar-list-title,html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle{background:transparent!important}html.skin-theme-clientpref-os .mw-parser-output .sidebar:not(.notheme) .sidebar-title-with-pretitle a{color:var(--color-progressive)!important}}@media print{body.ns-0 .mw-parser-output .sidebar{display:none!important}}</style><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1246091330"><table class="sidebar sidebar-collapse nomobile nowraplinks vcard hlist"><tbody><tr><td class="sidebar-pretitle">This article is part of <a href="/wiki/Category:Corporate_law" title="Category:Corporate law">a series</a> on</td></tr><tr><th class="sidebar-title-with-pretitle"><a href="/wiki/Corporate_law" title="Corporate law">Corporate law</a></th></tr><tr><td class="sidebar-image"><span typeof="mw:File"><a href="/wiki/File:Society.svg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/200px-Society.svg.png" decoding="async" width="200" height="79" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/300px-Society.svg.png 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/5/5b/Society.svg/400px-Society.svg.png 2x" data-file-width="96" data-file-height="38" /></a></span></td></tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">By jurisdiction</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Anguillan_company_law" title="Anguillan company law">Anguilla</a></li> <li><a href="/wiki/Australian_corporate_law" title="Australian corporate law">Australia</a></li> <li><a href="/wiki/British_Virgin_Islands_company_law" title="British Virgin Islands company law">BVI</a></li> <li><a href="/wiki/Canadian_corporate_law" title="Canadian corporate law">Canada</a></li> <li><a href="/wiki/Cayman_Islands_company_law" title="Cayman Islands company law">Cayman Islands</a></li> <li><a href="/wiki/Indian_company_law" title="Indian company law">India</a></li> <li><a href="/wiki/South_African_company_law" title="South African company law">South Africa</a></li> <li><a href="/wiki/United_Kingdom_company_law" title="United Kingdom company law">UK</a></li> <li><a href="/wiki/United_States_corporate_law" title="United States corporate law">United States</a></li> <li><a href="/wiki/Corporate_law_in_Vietnam" title="Corporate law in Vietnam">Vietnam</a></li> <li><br /><a href="/wiki/European_corporate_law" class="mw-redirect" title="European corporate law">European Union</a> <ul><li><a href="/wiki/French_company_law" title="French company law">France</a></li> <li><a href="/wiki/German_company_law" title="German company law">Germany</a></li></ul></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">General corporate forms</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Company" title="Company">Company</a></li> <li><a href="/wiki/Conglomerate_(company)" title="Conglomerate (company)">Conglomerate</a></li> <li><a href="/wiki/Cooperative" title="Cooperative">Cooperative</a></li> <li><a href="/wiki/Corporation" title="Corporation">Corporation</a></li> <li><a href="/wiki/Holding_company" title="Holding company">Holding company</a></li> <li><a href="/wiki/Joint-stock_company" title="Joint-stock company">Joint-stock</a></li> <li><a href="/wiki/Partnership" title="Partnership">Partnership</a> <ul><li><a href="/wiki/General_partnership" title="General partnership">General</a></li> <li><a href="/wiki/Limited_partnership" title="Limited partnership">Limited</a></li> <li><a href="/wiki/Limited_liability_partnership" title="Limited liability partnership">Limited liability</a></li></ul></li> <li><a href="/wiki/Private_limited_company" title="Private limited company">Private limited</a></li> <li><a href="/wiki/Shell_corporation" title="Shell corporation">Shell corporation</a></li> <li><a href="/wiki/Shelf_corporation" title="Shelf corporation">Shelf corporation</a></li> <li><a href="/wiki/Sole_proprietorship" title="Sole proprietorship">Sole proprietorship</a></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)"><a href="/wiki/List_of_legal_entity_types_by_country" title="List of legal entity types by country">Corporate forms<br />by jurisdiction</a></div><div class="sidebar-list-content mw-collapsible-content"><table class="sidebar nomobile nowraplinks" style="background-color: transparent; color: var( --color-base ); border-collapse:collapse; border-spacing:0px; border:none; width:100%; margin:0px; font-size:100%; clear:none; float:none"><tbody><tr><th class="sidebar-heading"> <a href="/wiki/European_corporate_law" class="mw-redirect" title="European corporate law">European Union</a></th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Societas_Europaea" title="Societas Europaea"><i>Societas</i> <span style="font-size:85%;">(SE)</span></a></li> <li><a href="/wiki/Societas_cooperativa_Europaea" title="Societas cooperativa Europaea"><i>Societas cooperativa</i> <span style="font-size:85%;">(SCE)</span></a></li> <li><a href="/wiki/Societas_privata_Europaea" title="Societas privata Europaea"><i>Societas privata</i> <span style="font-size:85%;">(SPE)</span></a></li> <li><a href="/wiki/Societas_unius_personae" title="Societas unius personae"><i>Societas unius personae</i> <span style="font-size:85%;">(SUP)</span></a></li> <li><a href="/wiki/European_economic_interest_grouping" title="European economic interest grouping">Economic interest grouping <span style="font-size:85%;">(EEIG)</span></a></li></ul></td> </tr><tr><th class="sidebar-heading"> <span class="nowrap">UK / Ireland / Commonwealth</span></th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Charitable_incorporated_organisation" title="Charitable incorporated organisation">Charitable incorporated organisation (England and Wales) <span style="font-size:85%;">(CIO)</span></a></li> <li><a href="/wiki/Scottish_charitable_incorporated_organisation" title="Scottish charitable incorporated organisation">Scottish charitable incorporated organisation <span style="font-size:85%;">(SCIO)</span></a></li> <li><a href="/wiki/Community_interest_company" title="Community interest company">Community interest company <span style="font-size:85%;">(CIC)</span></a></li> <li><a href="/wiki/Industrial_and_provident_society" title="Industrial and provident society">Industrial and provident society <span style="font-size:85%;">(IPS)</span></a></li> <li><br /><a href="/wiki/Limited_company" title="Limited company">Limited company <span style="font-size:85%;">(Ltd.)</span></a> <ul><li><a href="/wiki/Private_company_limited_by_guarantee" class="mw-redirect" title="Private company limited by guarantee">by guarantee</a></li> <li><a href="/wiki/Private_company_limited_by_shares" title="Private company limited by shares">by shares</a></li> <li><a href="/wiki/Proprietary_company" title="Proprietary company">proprietary</a></li> <li><a href="/wiki/Public_limited_company" title="Public limited company">public</a></li></ul></li> <li><a href="/wiki/Unlimited_company" title="Unlimited company">Unlimited company</a></li></ul></td> </tr><tr><th class="sidebar-heading"> United States</th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Benefit_corporation" title="Benefit corporation">Benefit corporation</a></li> <li><a href="/wiki/C_corporation" title="C corporation">C corporation</a></li> <li><a href="/wiki/Limited_liability_company" title="Limited liability company">Limited liability company <span style="font-size:85%;">(LLC)</span></a> <ul><li><a href="/wiki/Low-profit_limited_liability_company" title="Low-profit limited liability company">Low-profit LLC</a></li></ul></li> <li><a class="mw-selflink selflink">Series LLC</a></li> <li><a href="/wiki/Limited_liability_limited_partnership" title="Limited liability limited partnership">Limited liability limited partnership <span style="font-size:85%;">(LLLP)</span></a></li> <li><a href="/wiki/S_corporation" title="S corporation">S corporation</a></li> <li><span class="nowrap"><a href="/wiki/Delaware_General_Corporation_Law" title="Delaware General Corporation Law">Delaware corporation</a> / <a href="/wiki/Delaware_statutory_trust" title="Delaware statutory trust">statutory trust</a></span></li> <li><a href="/wiki/Massachusetts_business_trust" title="Massachusetts business trust">Massachusetts business trust</a></li> <li><a href="/wiki/Nevada_corporation" title="Nevada corporation">Nevada corporation</a></li></ul></td> </tr><tr><th class="sidebar-heading"> Others</th></tr><tr><td class="sidebar-content" style="border-bottom:#ccc 1px solid"> <ul><li><a href="/wiki/Aktiebolag" title="Aktiebolag"><i>Aktiebolag</i> <span style="font-size:85%;">(AB)</span></a></li> <li><a href="/wiki/Aktiengesellschaft" title="Aktiengesellschaft"><i>Aktiengesellschaft</i> <span style="font-size:85%;">(AG)</span></a></li> <li><a href="/wiki/Ansvarlig_selskap" title="Ansvarlig selskap"><i>Ansvarlig selskap</i> <span style="font-size:85%;">(ANS)</span></a></li> <li><a href="/wiki/Aktieselskab" title="Aktieselskab"><i>Aktieselskab</i> <span style="font-size:85%;">(A/S)</span></a></li> <li><a href="/wiki/Aksjeselskap" title="Aksjeselskap"><i>Aksjeselskap</i> <span style="font-size:85%;">(AS)</span></a></li> <li><a href="/wiki/Gesellschaft_mit_beschr%C3%A4nkter_Haftung" class="mw-redirect" title="Gesellschaft mit beschränkter Haftung"><i>Gesellschaft mit beschränkter Haftung</i> <span style="font-size:85%;">(GmbH)</span></a></li> <li><a href="/wiki/Kabushiki_gaisha" title="Kabushiki gaisha"><i>Kabushiki gaisha</i> <span style="font-size:85%;">(K.K.)</span></a></li> <li><a href="/wiki/Naamloze_vennootschap" title="Naamloze vennootschap"><i>Naamloze vennootschap</i> <span style="font-size:85%;">(N.V.)</span></a></li> <li><a href="/wiki/Osakeyhti%C3%B6" title="Osakeyhtiö"><i>Osakeyhtiö</i> <span style="font-size:85%;">(Oy)</span></a></li> <li><a href="/wiki/S.A._(corporation)" title="S.A. (corporation)">S.A.</a></li> <li><a href="/wiki/Soci%C3%A9t%C3%A9_%C3%A0_responsabilit%C3%A9_limit%C3%A9e" title="Société à responsabilité limitée"><i>Société à responsabilité limitée</i> <span style="font-size:85%;">(SARL)</span></a></li> <li><a href="/wiki/Types_of_business_entity" class="mw-redirect" title="Types of business entity">more...</a></li></ul></td> </tr></tbody></table></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">Doctrines</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Business_judgment_rule" title="Business judgment rule">Business judgment rule</a></li> <li><a href="/wiki/Corporate_governance" title="Corporate governance">Corporate governance</a></li> <li><a href="/wiki/De_facto_corporation_and_corporation_by_estoppel" title="De facto corporation and corporation by estoppel"><i>De facto</i> and estoppel corporations</a></li> <li><a href="/wiki/Internal_affairs_doctrine" title="Internal affairs doctrine">Internal affairs doctrine</a></li> <li><a href="/wiki/Limited_liability" title="Limited liability">Limited liability</a></li> <li><a href="/wiki/Tag-along_right" title="Tag-along right">Tag-along right</a></li> <li><a href="/wiki/Drag-along_right" title="Drag-along right">Drag-along right</a></li> <li><a href="/wiki/Piercing_the_corporate_veil" title="Piercing the corporate veil">Piercing the corporate veil</a></li> <li><a href="/wiki/Rochdale_Principles" title="Rochdale Principles">Rochdale Principles</a></li> <li><i><a href="/wiki/Ultra_vires" title="Ultra vires">Ultra vires</a></i></li></ul></div></div></td> </tr><tr><td class="sidebar-content"> <div class="sidebar-list mw-collapsible mw-collapsed"><div class="sidebar-list-title" style="text-align:center; background:lavender; line-height:130%; padding:0.3em 0em;;color: var(--color-base)">Related areas</div><div class="sidebar-list-content mw-collapsible-content"> <ul><li><a href="/wiki/Beneficial_ownership" title="Beneficial ownership">Beneficial ownership</a></li> <li><a href="/wiki/Civil_procedure" title="Civil procedure">Civil procedure</a></li> <li><a href="/wiki/Contract" title="Contract">Contract</a></li> <li><a href="/wiki/List_of_company_registers" class="mw-redirect" title="List of company registers">Corporate registers</a></li> <li><a href="/wiki/Registered_agent" title="Registered agent">Registered agent</a></li></ul></div></div></td> </tr><tr><td class="sidebar-below"> <ul><li><a href="/wiki/Portal:Companies" title="Portal:Companies">Company portal</a></li> <li><a href="/wiki/Portal:Law" title="Portal:Law">Law portal</a></li></ul></td></tr><tr><td class="sidebar-navbar"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><style data-mw-deduplicate="TemplateStyles:r1239400231">.mw-parser-output .navbar{display:inline;font-size:88%;font-weight:normal}.mw-parser-output .navbar-collapse{float:left;text-align:left}.mw-parser-output .navbar-boxtext{word-spacing:0}.mw-parser-output .navbar ul{display:inline-block;white-space:nowrap;line-height:inherit}.mw-parser-output .navbar-brackets::before{margin-right:-0.125em;content:"[ "}.mw-parser-output .navbar-brackets::after{margin-left:-0.125em;content:" ]"}.mw-parser-output .navbar li{word-spacing:-0.125em}.mw-parser-output .navbar a>span,.mw-parser-output .navbar a>abbr{text-decoration:inherit}.mw-parser-output .navbar-mini abbr{font-variant:small-caps;border-bottom:none;text-decoration:none;cursor:inherit}.mw-parser-output .navbar-ct-full{font-size:114%;margin:0 7em}.mw-parser-output .navbar-ct-mini{font-size:114%;margin:0 4em}html.skin-theme-clientpref-night .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}@media(prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .navbar li a abbr{color:var(--color-base)!important}}@media print{.mw-parser-output .navbar{display:none!important}}</style><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Corporate_law" title="Template:Corporate law"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Corporate_law" title="Template talk:Corporate law"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Corporate_law" title="Special:EditPage/Template:Corporate law"><abbr title="Edit this template">e</abbr></a></li></ul></div></td></tr></tbody></table> <p>A <b>series limited liability company</b>, commonly known as a <b>series LLC</b>, protected cell company, segregated account company, or segregated portfolio company, and sometimes abbreviated as <b>SLLC</b>, is a form of a <a href="/wiki/Limited_liability_company" title="Limited liability company">limited liability company</a> that provides liability protection across multiple "series" each of which is theoretically protected from liabilities arising from the other series. In overall structure, the series LLC has been described as a master LLC that has separate divisions, which is similar to an <a href="/wiki/S_corporation" title="S corporation">S corporation</a> with Q-subs. </p><p>The utility of a Series LLC may be explained by a comparison to the alternative. Many form an LLC in order to protect personal assets from a legal claim relating to their real estate investment or business liabilities. Additional liability protection may be gained by properly forming and maintaining a separate LLC to hold each property or business entity. By forming a separate LLC to own and hold each legally titled separate property or business entity, theoretically only the assets owned by a specific LLC would be subject to claims or lawsuits arising against that LLC. However, there are costs and administrative burdens associated with properly forming, qualifying and maintaining each separate LLC. Another option may be to form multiple series or "cells" if permitted under applicable laws. Although each cell of a Series LLC can own distinct assets, incur separate liabilities, and have different managers and members, a Series LLC may be able to pay a single set of annual state fees and may be able to file one income tax return each year. In addition to the administrative streamlining, the key value is that liability incurred by one unit does not cross over and jeopardize assets titled in or allocated to other subsidiary units of the same Series LLC.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2012)">citation needed</span></a></i>]</sup> </p><p>In several jurisdictions, the procedure for adding and deleting series is uncomplicated. Additional series can be formed or dissolved without any public filing by simply amending the Series' "limited liability company agreement" (equivalent to an operating agreement for other LLCs). Under Delaware law, any particular series may be dissolved by 2/3 approval of the ownership interests, or a simple majority if provided for in the operating agreement. Some jurisdictions, notably Illinois,<sup id="cite_ref-Illinois_1-0" class="reference"><a href="#cite_note-Illinois-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> do have a mechanism for public publication of series. Additionally Illinois states that each series is a separate entity, whereas Delaware is silent on whether each series is a separate entity. Most states with the series LLC have followed the Delaware model, rather than the model in Illinois which requires each series to be designated with the Secretary of State.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2012)">citation needed</span></a></i>]</sup> </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="History">History</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Series_LLC&action=edit&section=1" title="Edit section: History"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The concept of the series LLC was first introduced to<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (May 2014)">citation needed</span></a></i>]</sup> help the mutual fund industry avoid filing multiple SEC filings for different classes of funds. Instead the idea was to use one entity for all funds so that the SEC filing would be under one umbrella, but still permit the individual funds' activities to be conducted separately.<sup id="cite_ref-2" class="reference"><a href="#cite_note-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The concept is similar to that of the <a href="/wiki/Segregated_portfolio_company" title="Segregated portfolio company">segregated portfolio company</a> or <a href="/wiki/Protected_cell_company" class="mw-redirect" title="Protected cell company">protected cell company</a>, concepts which existed prior to the invention of the series LLC in the United States. Segregated portfolio companies or protected cell companies exist in countries such as the Bahamas, Belize, Bermuda, the British Virgin Islands, the Cayman Islands, Guernsey, and Mauritius.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p><p>This method of liability segregation was first called the "Delaware Series LLC" because the first state to enact this legislation was Delaware (in 1996). Wisconsin passed a stripped-down version of the series LLC legislation in 2001.<sup id="cite_ref-Wisconsin_3-0" class="reference"><a href="#cite_note-Wisconsin-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> As of April 2005, Iowa<sup id="cite_ref-Iowa_4-0" class="reference"><a href="#cite_note-Iowa-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> and Oklahoma already had passed similar acts. Later in 2005, Illinois<sup id="cite_ref-Illinois_1-1" class="reference"><a href="#cite_note-Illinois-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> and Nevada<sup id="cite_ref-Nevada_5-0" class="reference"><a href="#cite_note-Nevada-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> followed. Tennessee<sup id="cite_ref-Tennessee_6-0" class="reference"><a href="#cite_note-Tennessee-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> and Utah<sup id="cite_ref-Utah_7-0" class="reference"><a href="#cite_note-Utah-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> passed legislation effective in 2006. Texas enacted non-entity series LLC legislation in 2009.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> Montana enacted Series LLC legislation in 2011, since becoming a popular organizational structure for captive insurance companies. Indiana adopted its Series LLC act in 2016. </p> <div class="mw-heading mw-heading2"><h2 id="Comparison_to_corporation,_and_contrasts_between_states"><span id="Comparison_to_corporation.2C_and_contrasts_between_states"></span>Comparison to corporation, and contrasts between states</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Series_LLC&action=edit&section=2" title="Edit section: Comparison to corporation, and contrasts between states"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <div class="mw-heading mw-heading3"><h3 id="What_formalities_are_required_to_form_the_cells?"><span id="What_formalities_are_required_to_form_the_cells.3F"></span>What formalities are required to form the cells?</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Series_LLC&action=edit&section=3" title="Edit section: What formalities are required to form the cells?"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Illinois has restricted the rights given to the members of a series LLC to create new series because Illinois requires public filing. This has removed some of the cost savings of a series LLC. Illinois law specifically states that a series of an LLC "shall be treated as a separate entity to the extent set forth in the articles of organization," and then also provides that each series may "in its own name, contract, hold title to assets, grant security interests, sue and be sued and otherwise conduct business and exercise the powers of a limited liability company…" </p><p>Delaware further provides that to achieve the liability segregation that the series afford (the "internal shield"), the LLC must keep a separate set of records for each series, and to have a series enabling statement in its Certificate of Formation.<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p> <div class="mw-heading mw-heading3"><h3 id="Are_the_cells_persons_with_capacity_to_form_contracts?_Are_the_cells_corporate-veiled_and_bankruptcy-remote_from_each_other?"><span id="Are_the_cells_persons_with_capacity_to_form_contracts.3F_Are_the_cells_corporate-veiled_and_bankruptcy-remote_from_each_other.3F"></span>Are the cells persons with capacity to form contracts? Are the cells corporate-veiled and bankruptcy-remote from each other?</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Series_LLC&action=edit&section=4" title="Edit section: Are the cells persons with capacity to form contracts? Are the cells corporate-veiled and bankruptcy-remote from each other?"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Until recently, Delaware did not clearly state that each series could sue, enter into contracts, etc. on its own, without the entire company being named in the lawsuit. Delaware clarified its legislation that a series can now enter into contracts, hold title to assets, grant liens and security interests and sue or be sued. In several other respects, series are not treated by Delaware as separate entities. For example, series are not separately registered and they cannot merge or consolidate with other entities, convert into other entity types or domesticate to another jurisdiction. The Delaware Division of Corporations will not provide a separate certificate of good standing for each series, but it will provide a certificate of good standing saying that the entire company is a series LLC (and not just a traditional LLC).<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (January 2015)">citation needed</span></a></i>]</sup> </p><p>In 2015, Texas amended Section 1.201(b)(27) of the Texas Business & Commerce Code to clarify that a series of a Texas series LLC falls within the definition of a legal "person."<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> This clarification is important because the definition of "person" is also incorporated in the Texas Uniform Commerce Code's definition of "debtor." This incorporation means that if an individual series of a Texas series LLC owns assets secured by a debt, then the individual series can be named on the UCC-1 financing statement that is required to perfect a lender's security interest. Before this update to the Business & Commerce Code, lenders often listed the series LLC instead of the individual series on UCC-1 financing statements, which exposed the series LLC to the debts of the individual series. <sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>Wyoming's LLC statute specifically states that "[a] series ... shall have the power and capacity to, in its own name, contract, hold title to assets including real, personal and intangible property, grant liens and security interests and sue and be sued." Wyo. Stat. 17-21-211(e).<sup id="cite_ref-11" class="reference"><a href="#cite_note-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup> In every respect, the Wyoming statutes treat an LLC series as a separate person from any other series and from the master entity. <i>See generally id.</i> at 17-21-211. </p><p>Other states that have enacted series legislation do not treat series as separate entities and do not allow series to enter into contracts or sue or be sued. </p> <div class="mw-heading mw-heading3"><h3 id="Full_faith_and_credit_by_other_states_that_do_not_have_series_LLC_laws">Full faith and credit by other states that do not have series LLC laws</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Series_LLC&action=edit&section=5" title="Edit section: Full faith and credit by other states that do not have series LLC laws"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>There is uncertainty as to whether the liability shield between LLC series is fully effective in states that do not have series LLC laws. In the 2013 case of <a rel="nofollow" class="external text" href="https://casetext.com/case/alphonse-v-arch-bay-holdings-llc#p981"><i>Alphonse v. Arch Bay Holdings, LLC</i>, 548 F.App'x 979 (5th Cir. 2013)</a>, the <a href="/wiki/United_States_Court_of_Appeals_for_the_Fifth_Circuit" title="United States Court of Appeals for the Fifth Circuit">United States Court of Appeals for the Fifth Circuit</a> interpreted the application of the Louisiana Unfair Trade Practices Act to alleged violations by a Delaware series LLC. The court held that Louisiana law (which does not recognize the series LLC concept) would apply to determine whether a particular series of an LLC or the entire LLC would be the proper party to the litigation.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Tax_treatment">Tax treatment</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Series_LLC&action=edit&section=6" title="Edit section: Tax treatment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The series LLC is becoming more widely used as a liability segregation technique as its tax treatment becomes clearer and its use spreads. To date, the inter-jurisdictional efficacy of portfolio segregation has not been widely tested and the lack of precedent in federal bankruptcy court in particular is a significant source of uncertainty. At the same time, tax treatment is becoming clearer. On January 18, 2008, the <a href="/wiki/Internal_Revenue_Service" title="Internal Revenue Service">Internal Revenue Service</a> issued <a href="/wiki/Private_letter_ruling" title="Private letter ruling">Private Letter Ruling</a> 200803004,<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> which ruled that the Federal tax classification (i.e., disregarded entity or partnership or taxable association) is determined for each series independently. So, for example, if there is only one owner of series A, then series A can be a disregarded entity (assuming it does not elect to be taxed as an association). And if series B has two owners, then it will be treated as a partnership. The proposed Treasury Regulations § 301.7701-1(a)(5) published in September 2010<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> should have become effective in 2012, though it did not. The regulations are expected to provide that each series will be treated, for tax purposes, as a separate entity <i>regardless</i> of whether the series is considered a legally distinct entity under local law. This clarity has been welcomed by the legal and tax community. <a href="/wiki/California" title="California">California</a> has taken the position that it will only tax income from those series conducting business in California but that each such series will owe the annual franchise fee.<sup id="cite_ref-California_15-0" class="reference"><a href="#cite_note-California-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </p><p>Although the structure of LLCs vary in important ways, commentators have advanced opinions on how to minimize the chances of one series being held liable for liabilities of the entity as a whole or of another series. But they are just opinions and have not been held up in court:<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (November 2012)">citation needed</span></a></i>]</sup> </p> <ul><li>A separate bank account should be maintained for each series.</li> <li>All contracts, deeds, notes, etc. should be signed in the name of the series. Again, use something like "Abracadabra LLC, Blackacre Series only".</li> <li>Any loans between series should be properly documented.</li> <li>Any transactions between series should be conducted in an arms'-length manner at fair market prices using appraisals.</li> <li>Have each series file a fictitious business name statement in each county where it owns property. Each series should have its own name and the filing should emphasize the ownership of that series, for example, "Abracadabra LLC, Blackacre Series only". This is to put creditors on notice.</li> <li>Keep the assets and operations of each series separate from the other series. Each asset should be owned solely by one series. In other words, two or more series should not be co-owners of the same property.</li> <li>Make sure each series is adequately capitalized.</li></ul> <div class="mw-heading mw-heading2"><h2 id="States_and_territories_where_a_Series_LLC_can_be_formed">States and territories where a Series LLC can be formed</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Series_LLC&action=edit&section=7" title="Edit section: States and territories where a Series LLC can be formed"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <table class="wikitable sortable"> <tbody><tr> <td>state </td> <td>statute </td> <td>year </td> <td>initial fee for top-level LLC </td> <td>naming req’ts for cell </td> <td>formation of cells </td> <td>inter-cell </td> <td>annual fee </td> <td>annual report for top-level LLC </td> <td>annual report for cells </td> <td>other </td></tr> <tr> <td>Alabama </td> <td><sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup> </td> <td> </td> <td>200 </td> <td> </td> <td>no </td> <td> </td> <td>100 </td> <td> </td> <td> </td></tr> <tr> <td>Arkansas </td> <td><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </td> <td> </td> <td>45 </td> <td> </td> <td> </td> <td> </td> <td>150 </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>California </td> <td><sup id="cite_ref-California_15-1" class="reference"><a href="#cite_note-California-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> </td> <td colspan="9" style="text-align: center;">California does not permit series LLCs. However, California requires that each cell of a foreign series LLC that does business in California must pay the annual franchise fee. </td></tr> <tr> <td>Delaware </td> <td><sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </td> <td>1996 </td> <td>90 </td> <td> </td> <td> </td> <td>note 6 </td> <td>300 </td> <td> </td> <td>no </td></tr> <tr> <td>D.Columbia </td> <td><sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup> </td> <td> </td> <td>99 </td> <td>note 1 </td> <td>note 2 </td> <td> </td> <td>300/2 yrs </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Illinois </td> <td><sup id="cite_ref-Illinois_1-2" class="reference"><a href="#cite_note-Illinois-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> </td> <td>2005 </td> <td>150 </td> <td>note 1 </td> <td>note 2 </td> <td> </td> <td>75 </td> <td> </td> <td>yes </td> <td> </td></tr> <tr> <td>Indiana </td> <td><sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Iowa </td> <td><sup id="cite_ref-Iowa_4-1" class="reference"><a href="#cite_note-Iowa-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> </td> <td> </td> <td>50 </td> <td>note 1 </td> <td>no </td> <td> </td> <td>45 </td> <td> </td> <td>no </td> <td> </td></tr> <tr> <td>Kansas </td> <td><sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </td> <td> </td> <td>150 </td> <td>note 1 </td> <td>note 2 </td> <td> </td> <td>50 </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Minnesota </td> <td> </td> <td> </td> <td>155 </td> <td> </td> <td> </td> <td>note 5 </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Missouri </td> <td><sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup> </td> <td>2013 </td> <td>50 </td> <td>note 1 </td> <td>note 4 </td> <td> </td> <td>0 </td> <td>no </td> <td>no </td> <td> </td></tr> <tr> <td>Montana </td> <td><sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup> </td> <td>2011 </td> <td>70 </td> <td> </td> <td>note 2 </td> <td> </td> <td>20 </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Nevada </td> <td><sup id="cite_ref-Nevada_5-1" class="reference"><a href="#cite_note-Nevada-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </td> <td>2005 </td> <td>425 </td> <td> </td> <td>no </td> <td> </td> <td>350 </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>No. Dakota </td> <td><sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup> </td> <td> </td> <td>135 </td> <td> </td> <td> </td> <td>note 5 </td> <td>50 </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Ohio </td> <td><sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> </td> <td>2022 </td> <td>99 </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td>no </td> <td> </td></tr> <tr> <td>Oklahoma </td> <td><sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </td> <td> </td> <td>100 </td> <td> </td> <td>no </td> <td> </td> <td>25 </td> <td> </td> <td>no </td> <td> </td></tr> <tr> <td>Puerto Rico </td> <td><sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>So. Dakota </td> <td><sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> </td> <td> </td> <td>150 </td> <td> </td> <td> </td> <td> </td> <td>50 </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Tennessee </td> <td><sup id="cite_ref-Tennessee_6-1" class="reference"><a href="#cite_note-Tennessee-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> </td> <td>2006 </td> <td>300 </td> <td> </td> <td>no </td> <td> </td> <td>300 </td> <td> </td> <td>no </td> <td> </td></tr> <tr> <td>Texas </td> <td><sup id="cite_ref-Texas_29-0" class="reference"><a href="#cite_note-Texas-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </td> <td>2009 </td> <td>300 </td> <td> </td> <td>note 3 </td> <td> </td> <td>0 </td> <td>yes </td> <td>note 3 </td> <td> </td></tr> <tr> <td>Utah </td> <td><sup id="cite_ref-Utah_7-1" class="reference"><a href="#cite_note-Utah-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> </td> <td>2006 </td> <td>70 </td> <td>note 1 </td> <td>no </td> <td> </td> <td>20 </td> <td> </td> <td>no </td> <td> </td></tr> <tr> <td>Virginia </td> <td> </td> <td> </td> <td>100 </td> <td> </td> <td> </td> <td> </td> <td>50 </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Wisconsin </td> <td><sup id="cite_ref-Wisconsin_3-1" class="reference"><a href="#cite_note-Wisconsin-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> </td> <td>2001 </td> <td>130 </td> <td> </td> <td> </td> <td>note 5 </td> <td>25 </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Wyoming </td> <td><sup id="cite_ref-30" class="reference"><a href="#cite_note-30"><span class="cite-bracket">[</span>30<span class="cite-bracket">]</span></a></sup> </td> <td> </td> <td>100 </td> <td> </td> <td> </td> <td> </td> <td>60 </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Bahamas </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td>note 7 </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Belize </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Bermuda </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Cayman Is. </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Guernsey </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td>note 7 </td> <td> </td> <td> </td> <td> </td> <td> </td></tr> <tr> <td>Marshall Islands </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td>Same statutes as Delaware </td></tr> <tr> <td>Mauritius </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td></tr></tbody></table> <p>Note 0. Arkansas, Virginia, Nebraska, and Iowa have passed the Uniform Protected Series Act<sup id="cite_ref-31" class="reference"><a href="#cite_note-31"><span class="cite-bracket">[</span>31<span class="cite-bracket">]</span></a></sup> </p><p>Note 1. These states have rules for naming the cells. A typical rule requires that (a) each cell must include the name of the top-level series LLC in the cell's name, and (b) the names for each cell must be clearly distinguishable from each other. </p><p>Note 2. In the District Columbia, Illinois, Kansas, and Montana, each cell must be formed by a separate operating agreement and/or Articles of Organization or similar paperwork filed with the Secretary of State (as opposed to allowing creation of cells in the LLC's operating agreement). </p><p>Note 3. Texas requires a Certificate of Assumed Name for each cell, and that certificate must be renewed every 10 years.<sup id="cite_ref-Texas_29-1" class="reference"><a href="#cite_note-Texas-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> </p><p>Note 4. In Missouri, Articles of Organization must contain information on every Protected Series, and must be amended if a series is added or removed. </p><p>Note 5. In Minnesota, No. Dakota, and Wisconsin, the cells are not bankruptcy-remote (that is, liabilities of one cell may become liabilities of others), and cells cannot individually contract, only the top-level LLC. </p><p>Note 6. In Delaware, a cell can enter into contracts, hold title to assets, grant liens and security interests and sue or be sued. </p><p>Note 7. In the Bahamas, Cayman Islands, and Guernsey, the cells are unambiguously bankruptcy remote from each other. This makes these preferred jurisdictions for insurance companies. </p> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Series_LLC&action=edit&section=8" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width" style="column-width: 30em;"> <ol class="references"> <li id="cite_note-Illinois-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-Illinois_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Illinois_1-1"><sup><i><b>b</b></i></sup></a> <a href="#cite_ref-Illinois_1-2"><sup><i><b>c</b></i></sup></a></span> <span class="reference-text"> <a rel="nofollow" class="external text" href="http://www.ilga.gov/legislation/publicacts/fulltext.asp?Name=094-0607">Public Act 094-0607</a>, Illinois General Assembly, House Enrolled Act 1336, 805 ILCS 180/37-40, <a rel="nofollow" class="external text" href="http://www.ilsos.gov/llcarticles/frontinstructions.html">Illinois Secretary of State information page</a>, <a rel="nofollow" class="external text" href="https://web.archive.org/web/20120208035446/http://www.ilsos.gov/llcarticles/frontinstructions.html">Archived</a> 2012-02-08 at the <a href="/wiki/Wayback_Machine" title="Wayback Machine">Wayback Machine</a></span> </li> <li id="cite_note-2"><span class="mw-cite-backlink"><b><a href="#cite_ref-2">^</a></b></span> <span class="reference-text">See, e.g., Thomas E Rutledge, <i>Again, for the Want of a Theory: The Challenge of the "Series" to Business Organization Law</i>, 46 <a href="/wiki/American_Business_Law_Journal" class="mw-redirect" title="American Business Law Journal">Am. Bus. Law J.</a> 311 at 313-15 (Summer 2009).</span> </li> <li id="cite_note-Wisconsin-3"><span class="mw-cite-backlink">^ <a href="#cite_ref-Wisconsin_3-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Wisconsin_3-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"> Wis. Stat. <a rel="nofollow" class="external text" href="http://www.legis.state.wi.us/statutes/Stat0183.pdf">§183.0504</a>. Wisconsin allows series LLCs, but does not specifically provide for a liability shield between the different series.</span> </li> <li id="cite_note-Iowa-4"><span class="mw-cite-backlink">^ <a href="#cite_ref-Iowa_4-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Iowa_4-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Iowa Code <a rel="nofollow" class="external text" href="http://www.legis.state.ia.us/IACODE/1999SUPPLEMENT/490A/305.html">§490A.305</a></span> </li> <li id="cite_note-Nevada-5"><span class="mw-cite-backlink">^ <a href="#cite_ref-Nevada_5-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Nevada_5-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">Nev. Rev. Stat. §86.296, <a rel="nofollow" class="external autonumber" href="http://www.leg.state.nv.us/NRS/NRS-086.html#NRS086Sec296">[1]</a>,<a rel="nofollow" class="external autonumber" href="https://www.leg.state.nv.us/nrs/nrs-086.html">[2]</a>, <style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite class="citation web cs1"><a rel="nofollow" class="external text" href="http://www.leg.state.nv.us/Statutes/73rd/Stats200522.html#Stats200522page2189">"2005 Statutes of Nevada, Pages 2177-2276"</a>. <i>www.leg.state.nv.us</i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=unknown&rft.jtitle=www.leg.state.nv.us&rft.atitle=2005+Statutes+of+Nevada%2C+Pages+2177-2276&rft_id=http%3A%2F%2Fwww.leg.state.nv.us%2FStatutes%2F73rd%2FStats200522.html%23Stats200522page2189&rfr_id=info%3Asid%2Fen.wikipedia.org%3ASeries+LLC" class="Z3988"></span></span> </li> <li id="cite_note-Tennessee-6"><span class="mw-cite-backlink">^ <a href="#cite_ref-Tennessee_6-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Tennessee_6-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"> <a rel="nofollow" class="external text" href="https://www.lawserver.com/law/state/tennessee/tn-code/tennessee_code_48-249-309">Tenn. 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Code §§10-32-17.5, 10-32-48, 10-32-56.5.a,10-32-56.7.</span> </li> <li id="cite_note-25"><span class="mw-cite-backlink"><b><a href="#cite_ref-25">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://www.ohiosos.gov/businesses/revised-llc-act---effective-2022/">Ohio Revised LLC Act - Effective 2022</a></span> </li> <li id="cite_note-26"><span class="mw-cite-backlink"><b><a href="#cite_ref-26">^</a></b></span> <span class="reference-text">18 Okla. St. Ann. §§2005(B), 2054.4</span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text">Puerto Rico Laws Ann. Title 14, §3426(p)</span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://sdsos.gov/Business-Services/corporations/corporate-forms/series-llc.aspx">So Dakota division of business services</a></span> </li> <li id="cite_note-Texas-29"><span class="mw-cite-backlink">^ <a href="#cite_ref-Texas_29-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Texas_29-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text">>Texas Business Organizations Code §§101.601 to 101.621, 21.152(A),(C),(D), 21.153(A), 21.361(A)(2)</span> </li> <li id="cite_note-30"><span class="mw-cite-backlink"><b><a href="#cite_ref-30">^</a></b></span> <span class="reference-text"><a rel="nofollow" class="external text" href="https://sos.wyo.gov/Forms/WyoBiz/Wyoming_Limited_Liability_Company_Act_and_Close_LLC_Supplement.pdf">Wyoming Limited Liability Company Act</a>, <a rel="nofollow" class="external text" href="https://sos.wyo.gov/Forms/WyoBiz/Series_LLC_Rules.pdf">Wyoming Secretary of State's rules</a>, <a rel="nofollow" class="external text" href="https://sos.wyo.gov/Forms/Business/LLC/SeriesLLC-ArticlesofOrganization.pdf">Secretary of State's Series Limited Liability Company Instructions</a></span> </li> <li id="cite_note-31"><span class="mw-cite-backlink"><b><a href="#cite_ref-31">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite class="citation web cs1"><a rel="nofollow" class="external text" href="https://www.uniformlaws.org/committees/community-home?communitykey=11843f3f-6ba5-4010-be96-8c2125fe7d31&tab=groupdetails">"Protected Series Act - Uniform Law Commission"</a>. <i>www.uniformlaws.org</i><span class="reference-accessdate">. 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