Series LLC in California.

• Position: FTBNEWS

Although California law does not allow for a series limited liability company to be formed in California, it does recognize them. A series LLC is a master LLC whose organizing document provides for separate sub-units (series), which operate as independent LLCs. Features include, among others:

* Each unit has its own owners (members) and may be managed separately from the master LLC and other units.

* Each unit must maintain separate books and records.

* As with a regularly formed LLC, the owners (members) of each unit are not financially responsible for the unit's debts and obligations.

If each unit has the features listed under the laws of the state where the series LLC was formed, then each...