The Basics of a Series LLC
When it comes to creating your own business or even forming one that already exists and putting it under your name, there are a few things you need to know. You may want to form your business under an LLC or a Series LLC. An LLC stands for Limited Liability Corporation and it is slightly different from a Series LLC. The only difference between the two LLCs is that a Series LLC is protection for multiple LLCs. A Series LLC is sometimes called an SLLC.
When forming a series LLC, the first thing you need to do, in most states, is to register with the Secretary of the State you are in. This filing will cost you a fee. However, there is much more to it than that. Here is more information on the basics of a Series LLC.
Things You Need to Get Your Series LLC Started
Although not all states accept Series LLCs, those that do accept them require a few things before you get started. Keep reading to learn more about what is needed to create a Series LLC.
- You need a name for your LLC
- You need the address of the LLC you are creating
- You need the resident name and address of the agent who is creating the Series LLC
- You need to designate the member or manager who is managing the LLC
- You need the name or names of the manager or managers of the Series LLC
- You need to know how long the LLC will be in operation. If you don’t know the exact date of the Series LLC ending, or if it will go on as long as possible, state that it will be ongoing or in most states, you can use the term ‘perpetual’
- You need to know what the business is that is going to operate under the LLC. In many states, a general business can say something along the lines of “all legal business activities”
- You will need to file separate forms for each cell associated with the Series LLC and each manager who you are using. This is a requirement in Illinois.
One other thing you must do when forming a Series LLC is to make it clear, when registering it, that you are creating a Series LLC. However, it does differ from each state when registering and whether or not you have to notify them that you are filing for a Series LLC. In certain states like Utah, Texas, Delaware, Tennessee, and Oklahoma, it is a requirement that you notify officials that you are creating a Series LLC with seperate rights on each one. However, how much detail you do have to provide for it will depend on the state you are filing for one in.
Once all of your documents are filed on your LLC, you are officially in business.