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What is a “Series LLC”?

June 13, 2016

Series LLC

In Texas, a “Series LLC” is a limited liability company that is organized under Texas law that permits it to have one or more separate series of members, managers, limited liability company interests or assets with separate rights, powers, or duties and with respect to which the debts, liabilities and obligations and expenses existing with respect to a particular series may be enforced only against the assets of such series and not against the assets of the limited liability company generally or any other series thereof, and none of the debts, liabilities, obligations and expenses of the limited liability company generally, or any other series thereof, shall be enforceable against the asset of the particular series.  Therefore, the particular sections of the Texas Business Organization Code, in effect, allow a single limited liability company to create a set of series that are isolated from one another in terms of exposure to liability.

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