[The previous articles on this topic are here: Part I, Part II, Part III, Part IV.] Now that we’ve discussed the formal public filings necessary to set up a master LLC and series, we’ll turn out attention to the content of operating agreements. As mentioned in the last post, every…
The first article on series LLCs contained some basic concepts and terminology. The second and third ones addressed the fundamental questions of whether a series is a separate entity (answer: yes, but it lacks some of the attributes of a separate entity) and of what defines or constitutes a series (answer, at least as contemplated by…
[Please read Part I and Part II before reading this article.] The second of this group of articles on series limited liability companies addressed the question of whether a series is an entity under Indiana law and concluded that the best answer is probably, yes, even though it lacks some…
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[This is the second of several articles on series LLCs, especially Indiana series LLCs. Go here for Part I, which includes an introduction to the concept of series LLCs and some terminology.] Is a series an entity? That’s the question almost every lawyer asks when first introduced to series LLCs. It…
This is the first of several articles about series limited liability companies in general and Indiana’s new series limited liability company statute in particular – a “series series” of articles. (Sorry. I couldn’t resist.) Even as lame as that joke is, it demonstrates that terminology in this area can be very…
On March 23, Indiana’s governor signed House Enrolled Act 1336 which adds to the Indiana Business Flexibility Act to provide for series LLCs. In general, I think it’s a good thing that Indiana has joined the dozen or more other states (plus D.C. and Puerto Rico) with series limited liability companies. I…
[The last in a seve-part series. The other articles in the series are here: Part I, Part II, Part III, Part IV, Part V, Part VI.] With the bankruptcy courts’ inconsistent treatment of a debtor’s LLC membership rights, how should someone structure a limited liability company to maximize the possibility that, should the…
[The other articles in this seven-part series are here: Part I, Part II, Part III, Part IV, Part V, Part VII.] In the last installment of this series, we discussed a few of the bankruptcy cases in which the court, faced with a question of the trustee’s right to exercise the debtor’s…
[The other articles in this seven-part series are here: Part I, Part II, Part III, Part IV, Part VI, Part VII.] We are considering the nature of the economic and noneconomic rights of a member of a limited liability company and whether, if the member enters bankruptcy, the bankruptcy trustee acquires those rights. As…