Delaware Series LLCs, authorized under 6 Del. C. §18-215 ¹ since 1996, offer the conceptually elegant promise of separating multiple business operations into legally-distinct "series" within a single master LLC, with each series enjoying its own assets, members, and limited liability protection. After three decades, however, the tax treatment of series LLCs remains substantively unsettled at the federal level, and the legal treatment varies across states. For our clients considering series LLCs (or holding them already), the technology is best understood as a sophisticated tool that requires careful counsel, not the simple solution some marketing materials suggest.
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