Create a comprehensive Operating Agreement for Wyoming Series LLCs with proper series segregation provisions.
Your Result:
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Wyoming Series LLCs allow you to create separate "series" or "cells" within one LLC, each with its own assets, liabilities, and operations. This structure requires specialized Operating Agreement provisions.
The Operating Agreement must establish: series creation procedures, separate record-keeping requirements, liability segregation between series, allocation of expenses and income, and winding up of individual series.
Wyoming law provides strong liability segregation for Series LLCs when properly maintained, but the Operating Agreement must clearly establish the separation requirements.
Procedures for establishing new series including naming conventions, asset transfers, and record establishment.
Provisions establishing that debts and obligations of one series do not affect other series or the master LLC when properly maintained.
Requirements for maintaining separate books, bank accounts, and records for each series to preserve liability protection.
Methods for allocating shared expenses (legal, accounting, management) across multiple series fairly.
Procedures for winding up individual series without affecting the master LLC or other series.
Q: What is a Series LLC?
A: A special LLC structure allowing creation of separate series with segregated assets and liabilities within one master LLC.
Q: Does each series need its own Operating Agreement?
A: Typically one master Operating Agreement governs all series, with specific provisions for each series documented separately.
Q: Are Series LLCs recognized in all states?
A: No, only some states have Series LLC statutes. However, even non-Series states may respect the liability segregation under full faith and credit principles.
Q: How much does a Series LLC cost?
A: Wyoming formation costs the same as regular LLCs ($100-102), plus ongoing maintenance costs for each series.
Q: Can I move assets between series?
A: Yes, but proper documentation is essential to maintain liability segregation. Consult an attorney for significant transfers.