A Delaware Series LLC can have an unlimited number of individual, protected series.
Series LLC add additional protected series internally without needing to complete a public filing. This is done by adding the new protected series to the list of series included in the company’s master Operating Agreement. Additionally, each protected series should have a Separate Series Agreement drafted and signed by the Series LLC Members. Separate Series Agreements are smaller Operating Agreements that outline the specific purpose and management structure of an individual, protected series.
A Delaware registered series is a variation of the protected series that requires completing a public filing. Registered series are created by filing a Certificate of Registered Series with the Delaware Secretary of State. Registered series have certain rights and privileges that protected series do not as a result of being made a part of the public record. A Delaware registered series can obtain its own Certificate of Good Standing, access secured financing and merge with other registered series.
Delaware created the Series LLC, and remains the leader in Series LLCs today. States write their corporate laws to compete for attracting business, and Delaware’s business laws are the clear leader. Forming a Series LLC in Delaware provides enhanced asset protection supported by the largest body of case law anywhere in the U.S.