Frequently Asked Questions
An LLC (Limited Liability Company) is a business structure that combines elements of a partnership, sole proprietorship and a corporation. An LLC provides the limited liability features of a corporation plus the tax efficiencies and operational flexibility of a partnership.
A series LLC consists of an umbrella LLC (the parent aka Pro-Tier) and numerous series LLCs underneath it (which is what we offer to create for you). Each series LLC is separated from each other for liability purposes. Each series LLC also has assets separate from the others, and has its own owners (members).
Yes. Debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to a particular series shall be enforceable against the assets of such series only, and not against the assets of the LLC generally or any other series thereof, and, unless otherwise provided in the LLC agreement, none of the debts, liabilities, obligations and expenses incurred, contracted for or otherwise existing with respect to the LLC generally or any other series thereof shall be enforceable against the assets of such series (6 Del. Code §18-215(b)).
Records maintained for any such series must account for the assets associated with such series separately from the other assets of the LLC/other series thereof. The LLC agreement must provide for separate limited liability and notice of the limitation on liabilities of a series must be set forth in the certificate of formation of the LLC) (6 Del. Code §18-215(b)).