La LLC de Series
Filed Under: Blog Posts in Spanish
Tags: Limited Liability Company, Series LLC, Spanish
Bajo la ley de Delaware, una LLC puede ser compuesta de series individuales de interés de membrecía. Este tipo de entidad se llama “LLC de Series”. Cada serie esta tratado como entidad separada – las deudas, responsabilidades, obligaciones y gastos de una serie no puede ser aplicado contra otra series de la LLC o contra la LLC en conjunto. Cada series puede tener su propio capital, miembros, realizar sus propios operaciones y seguir objetivos comerciales diferentes, pero se mantiene aislado de reclamaciones de miembros, acreedores, litigantes persiguiendo el capital de o haciendo reclamaciones contra otra series. La LLC de Series es la versión de Delaware de las “segregated portfolio companies” que se usan frecuentemente en las Islas Cayman, Jersey, British Virgin Islands y otros jurisdicciones fuera de EE.UU.
La forma de la LLC de Series rebaja las tarifas en el inicio y el mantenimiento anual a comparación de constituir y mantener varias entidades separados para cada inversión. Una única cuota es lo requerido para formar una LLC de Series sin importar el número de series que va a contener, a diferencia de las tarifas múltiples que serian en la creación de entidades separadas. Además, una LLC de Series está tratada como entidad individual, para los propósitos de impuestos de franquicia y representante autorizado. Esto quiere decir, que una LLC de Series tendría que pagar solamente una tarifa anual de $250 al estado y una tarifa anual de representante autorizado, en vez de pagar tarifas separadas que serian aplicadas a tener entidades múltiples.
El Acuerdo Operativo de la LLC de Series de Delaware (que no tiene que ser publicado) puede proporcionar cualquier número de series. Como sea, El Certificado de Formación para una LLC de Series tiene que mencionar específicamente que la LLC está dividida en series distintas y que el capital y obligaciones de una serie son atribuibles solamente a esa serie. Además, series pueden ser agregadas o terminadas en cualquier momento haciendo una modificación al Acuerdo Operativo de la LLC. Para poder mantener la distinción legal entre las series, una LLC de Series debe de mantener documentos documentando el capital y responsabilidades de cada serie; desde un punto práctico, los documentos deben ser organizados como si cada serie fuera su propia entidad separada.
Aunque sigue ganado popularidad, hay un cierto grado de dudas de la forma de la LLC de Series. Por ejemplo, la separación legal del capital y las responsabilidades de cada serie en una LLC de Series no ha sido probada en la corte tribunal. Aunque la ley de Delaware distintamente proviene para la separación legal de cada serie, no está claro si los tribunales en otros estados o otras jurisdicciones reconocerían la separación legal del capital y responsabilidades dentro de lo que es una sola entidad técnicamente. Por lo tanto, aunque una LLC de Series de Delaware está operando bien con documentos distintos sobre el capital y responsabilidades de cada serie, un tribunal en otra jurisdicción puede determinar el hecho de no reconocer la separación legal que este determinado bajo la ley de Delaware.
Además, el tratamiento de impuestos federales de cada serie no está asegurado. Aunque en Enero de 2008 el IRS ha dicho que las series distintas de la LLC de Series por lo general tendrían que pagar impuestos como si fueran entidades separadas para intenciones de impuestos federales. Muchos estados no han dado información concreta de los efectos de la distinción de series para impuestos estatales.
Harvard Business Services, Inc tiene más de 10 años creando Las LLC de Series y tiene la experiencia y conocimiento que le deja aprovechar de la flexibilidad de esta tipo de entidad. Si piensa que la LLC de Series puede ser la entidad adecuada para usted, llámenos para más detalles.
To read the English version of this blog posts click HERE.
More Info on The Series LLC
Filed Under: INC Knowledge, Limited Liability Company
Tags: Limited Liability Company, Series LLC
In May of 2009 we published an article entitled 101 on the Series LLC in which we discussed the pros and cons of using the Series LLC. Here is a little recap of the May 2009 article:
Under Delaware law, a limited liability company (LLC) may be composed of individual series of membership interests. This type of entity is referred to as a Series LLC. Each series effectively is treated as a separate entity, meaning the debts, liabilities, obligations and expenses of one series cannot be enforced against another series of the LLC or against the LLC as a whole. Each series can hold its own assets, have its own members, conduct its own operations and pursue different business objectives, but remain insulated from claims of members, creditors or litigants pursuing the assets of or asserting claims against another series.
In that post we discussed the primary drawback of using the Series LLC; the lack of certainty surrounding whether courts in other states and jurisdictions would recognize a legal separation of assets and liabilities within what is technically a single entity. As we discussed, even though the legal segregation of the series is set forth expressly by statute in Delaware, no court has ever been called upon to rule on the validity of the legal segregation of assets within a Series LLC or articulated the circumstances under which a court would ignore the distinction among series.
Many of you have reached out to us and inquired whether the courts or legislature have provided any guidance or clarification on some of the issues surrounding the Series LLC. Unfortunately, there have no significant developments that alleviate the concern we expressed in the May post.
California has arguably supported the notion that each series of a Series LLC is a separate entity; the California Franchise Tax Board ruled that each Series of the Delaware LLC is responsible for the $800 annual California franchise tax. Although this is not welcome news for our California clients that employ the Series LLC structure, it supports the concept that each series should be considered a distinct entity. Other states are expected to follow the same path as California and charge an annual fee on a per series basis.
Additionally, the U. S. federal tax treatment afforded to individual series is still not certain. For now, it appears the series of a Series LLC will generally each be taxed as a separate entity for federal income tax purposes.
For now, despite the theoretical savings in franchise taxes, registered agent fees and other costs, the Series LLC form is still a work in progress. Regulators, attorneys and accountants are all grappling with issues raised by the possibility of legal segregation of assets and liabilities within a single entity. Given this, while the Series LLC shows great promise and segregated cell companies are gaining in popularity and acceptance outside the U.S., typically most of our clients tend to use the safer alternative of creating separate entities for each venture.
101 on the Series LLC
Filed Under: Delaware, INC Knowledge, Limited Liability Company
Tags: Delaware, Series LLC
Under Delaware law, a limited liability company (LLC) may be composed of individual series of membership interests. This type of entity is referred to as a “Series LLC.” Each series effectively is treated as a separate entity, meaning the debts, liabilities, obligations and expenses of one series cannot be enforced against another series of the LLC or against the LLC as a whole. Each series can hold its own assets, have its own members, conduct its own operations and pursue different business objectives, but remain insulated from claims of members, creditors or litigants pursuing the assets of or asserting claims against another series. The Series LLC form is Delaware’s version of the “segregated portfolio companies” which are widely used (under various names) in the Cayman Islands, Jersey, British Virgin Islands and in other non-U.S. jurisdictions.
The Delaware Series LLC business form reduces the fees incurred in creating and maintaining separate business entities for different ventures or investments. Only one filing fee is required to form a Series LLC regardless of the number of series it contains, rather than the multiple fees that would be required to create separate entities. In addition, a Series LLC is treated as one entity for franchise tax and registered agent fee purposes, meaning that it is assessed one $250 annual tax and one registered agent fee, rather than the separate tax and fee that would otherwise be applied individually to separate LLCs.
The Delaware LLC Operating Agreement of a Series LLC (which is not required to be publicly filed) may provide for any number of series. The Certificate of Formation for a Series LLC must specifically note, however, that the LLC is divided into distinct series and that the assets and obligations of a series are attributable only to that series. Additional series can be added or series can be terminated at any time by an amendment of the LLC Operating Agreement. In order to maintain the legal distinction among the series, a Series LLC must maintain records documenting the assets and liabilities of each series; from a practical perspective, records should be kept as though each series were a separate entity.
Although increasingly popular, there is a certain degree of uncertainty surrounding the Series LLC form. For example, the legal separation of the assets and liabilities of each series in a Series LLC has not been tested in court. Although Delaware law clearly provides for legal separation of series, it is unclear whether courts in other states and/or jurisdictions would recognize a legal separation of assets and liabilities within what is technically a single entity. Therefore, even if a Delaware Series LLC were properly operated with distinct records relating to the assets and liabilities of each series, a court in another jurisdiction could determine not to recognize the legal separation afforded under Delaware law.
Additionally, the U. S. federal tax treatment afforded to individual series is not certain. Although in January 2008 the Internal Revenue Service has held that distinct series of a Series LLC will generally be taxed as separate entities for federal income tax purposes, many states have not provided concrete guidance on the effect of the series distinction for state tax purposes.
Harvard Business Services, Inc. has been creating Series LLCs for the last 10 years, and has the experience and understanding to allow you take advantage of this flexible and efficient business form. If you think the Series LLC may be right for you please call or email us for more details.
