Series LLCs State Law Survey

Summary

This survey provides a summary of laws in all 50 states plus the District of Columbia governing series limited liability companies (LLCs). In 1996, Delaware implemented a law permitting LLCs to form and register in the state for business organization purposes as a separate series within a single LLC. These entities are known as series LLCs. Several other states have followed suit and have statutorily authorized the formation of series LLCs. An additional few states, while not authorizing the formation within their own states, do recognize the existence of series LLCs that are formed in other jurisdictions. The series LLC structure allows LLCs to establish separate series of management and economic rights for specific assets or obligations and permits each series to shield its assets from liabilities incurred in or against any other series in the LLC.