Contact an attorney in this area
JUX Law Firm
901 Marquette Ave. Suite 1675
Minneapolis, MN 55402
Series LLC is short for series limited liability company. It is also known as an SLLC.
Essentially, a Series LLC is a single business with multiple divisions, where each division has the full protection of limited liability like an individual company would have.
Put another way, a Series LLC consists of several entities operated within a single LLC, all with their own assets and owners. As for accounting, each entity should be treated separately. When creating the Series LLC, the description of the separate entities must be included in the articles of organization. This makes sure all the entities receive the full protection provided by law.
The key benefit of a Series LLC is that one LLC is capable of controlling multiple entities without liability between them. However, laws change from state to state, so you should verify the law before assuming a Series LLC will have the benefits you need.
In 2015, the Minnesota Revised Uniform LLC Act became the governing law for all new LLCs. Minnesota LLC law does not currently permit forming a Series LLC in Minnesota, but Minnesota recognizes Series LLCs formed in other states for operations in Minnesota.
Until Minnesota permits Series LLCs, people in Minnesota can either
- form multiple LLCs or
- form an LLC in another state for operations in Minnesota.
An attorney experienced in Series LLC law can help you determine the best option for your circumstances.