What is a series llc in missouri?

In Missouri, Series LLCs are governed by Section 347.1860 of the Missouri Revised Statutes. A Series LLC is a type of limited liability company that allows for the creation of separate series within the same entity, with each series having its own separate rights, assets, and liabilities.

One of the main benefits of a Series LLC is that it provides a level of asset protection for each series within the company. This means that if one series incurs liabilities or debts, the assets of the other series are protected and cannot be used to satisfy the debts of the first series.

Additionally, a Series LLC can be more cost-effective and less cumbersome to maintain than setting up multiple separate LLCs. Each series can have its own separate business activities, bank accounts, and accounting records, while still being under the umbrella of the main Series LLC entity.

To set up a Series LLC in Missouri, the company must file Articles of Organization with the Missouri Secretary of State and include language in the operating agreement that establishes the multiple series within the LLC. Each series should also keep separate financial records and maintain separate bank accounts to ensure the protection of assets.

It is important to note that Series LLCs are a relatively new type of entity and are not recognized in all states. Before setting up a Series LLC in Missouri, it is recommended to consult with a legal professional to understand the implications and requirements.