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WHO HOLDS THE ASSETS IN A DELAWARE SERIES LLC

WHO HOLDS THE ASSETS IN A DELAWARE SERIES LLC 2025

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The document discusses the complexities of asset ownership and security interests within Delaware Series LLCs, particularly following the amendments made by Senate Bill 96. It highlights the flexibility in holding assets associated with a series, the identification of the 'debtor' under Article 9 of the Uniform Commercial Code, and the implications for filing financing statements. The article emphasizes the need for careful consideration of whether the debtor is the Delaware LLC, a series, or a nominee, as this affects how security interests are perfected and where filings must be made.

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Who owns an LLC in Delaware?

A member of an LLC, by definition, is an owner of an LLC with a vested interest in the company. Members can be people or entities from anywhere in the world. The Delaware LLC is governed by a contract among all the members called the operating agreement, which all members must sign.

Do Series LLCs have separate EINs?

While the Series LLC itself has a single EIN at the overall entity level, individual EINs for each property series help maintain separation for tax and liability purposes.

Does a Delaware LLC have shareholders?

LLCs do not have shareholders. They have members who share in the profits of the business. The members share of the profits is taxable as income.

What are the downsides of a Series LLC?

Although California doesnt form domestic Series LLCs, the state does allow series LLCs created in other states to register as a foreign entity and do business there. Another potential disadvantage of the series LLCs is that tax treatment and reporting requirements vary depending on the state.

Can an LLC have multiple shareholders?

A limited liability company (LLC) is a business entity type that can have more than one owner. These owners are referred to as members and can include individuals, corporations, other LLCs, and foreign entities. Most states do not restrict LLC ownership, and there is generally no maximum number of members.

Can Series LLC have different owners?

A series can have the same members as the umbrella LLC or it can have different members. It must maintain separate bank accounts and other assets, and it must operate separately from the other series or the parent LLC.

Can Series LLC have different names?

To put it simply, a Series LLC is an LLC where each series is treated as a separate LLC, its own entity. Each series operates independently with a unique name, bank account as well as separate books and records.

How does a Delaware Series LLC work?

The Delaware Series LLC is similar to a traditional LLC with divisions. Each protected series designated by the company may have assets associated with it that are not associated with other protected series therein. This provides for internal asset segregation.

WHO HOLDS THE ASSETS IN A DELAWARE SERIES LLC 2025

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