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August 4, 2012
There?s a brand new star in town in the world of business legal organizations and the new celebrity is called the collection LLC. Started eight years back in the great pro-capitalistic state of Delaware, these new innovative darlings of the world of business are starting to explode within the financial sections of several key organizations across the country. Their sketch? More limited liability protection of better strategic planning and valuable business assets opportunities.The collection LLC is actually an LLC that?s allowed to have subsidiaries. It?s an umbrella organizational framework that allows liabilities of a to be siphoned off in to part LLCs, within their parent LLC umbrella and assets, and away from the litigious vagrants that inhabit the business environment in the United States. Think about someone line as a division or subsidiary of the parent LLC, with losses, profits, assets and liabilities of each sub-LLC, legally separate and apart from each other LLC within the exact same related LLC family. Every person LLC might sue and be sued, come right into agreements and hold title to an unique assets, including personal property and real-estate. Each series is treated as its own separate legal entity, with separate owners and managers.The reason series LLCs have gained acceptance recently is thanks to an Private Letter Ruling (PLR 200803004), which clarified that series LLCs may use the exact same ?check-the-box? duty group as all the entities. The door was opened by this PLR allowing line LLCs to elect a different duty category for each split LLC, within the exact same LLC umbrella framework. Today business organizations can custom target each split subsidiary LLC to generally meet the business planning needs of the organization, offering heightened planning tools for hedge funds, venture capital funds, oil and gas corporations and property organizations. As Borat might say, ?very nice.?While line LLCs are gaining popularity, there are still many caveats. For starters, there is hardly any case law surrounding line LLCs. With only eight states, at this writing, enabling the formation of string LLCs, this is new legal entity territory. How will series LLCs be revered outside their state or source? Can the debts of person LLCs be respected? Do collection LLCs actually provide protection from creditors of other relative LLCs (can creditors pierce anyone to attach assets of another? Will there be a really guard between the grasp LLC (parent) and its subsidiary?Nonetheless, we?ve been down this road before when LLCs first became prominent in the late 80?s, early 90?s, following the fall of Leventhal, Horvath, certainly one of the biggest CPA firms in the nation. LLCs gained acceptance and have exploded onto the appropriate business development landscape. No doubt, series LLC will continue steadily to develop regardless of the limits of case law.
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