Members Associated with the Company

The owners of an LLC are called members. Members can be human or other entities. Unlike a traditional LLC with just one pool of assets, a Series LLC can establish separate pools of assets with different or the same ownership. The overarching “master” Series LLC entity is referred to as the “Company” and is filed with Delaware to form the Series LLC. Then the members associated with the company establish individual protected series initially and from time to time by preparing supplemental exhibits to its internal Series LLC Operating Agreement. Each new protected series has its own exhibit. The exhibits to the Series LLC Operating Agreement designate members associated with the “master” company and the supplemental exhibits will designate members associated with each particular protected series. These members associated with a protected series are often the same as the members associated with the company, however each protected series can have different members. Members associated with the Company sign the new protected series exhibits and designate members to be associated with that new protected series. The members associated with that new protected series then sign each exhibit. Usually, no assets are held at the Company level. Instead, it is recommended that the role of the members associated with the company is to establish new protected series. Then all pools of assets are separated into their own protected series. As an alternative to a protected series, members associated with the company can file a registered series with the secretary of state to allow for separate secured loans against each pool of assets.