Indiana Series LLCs, Part V: Series LLC Operating Agreements

In addition, the operating agreement may provide for:

• Classes or groups of members or managers with various rights, powers, or duties with respect to a series.
• The future creation of other classes or groups of members or managers associated with a series, including classes or groups that have rights that are senior to existing classes or groups.
• Future actions without a vote of members or managers, including the amendment of the operating agreement or the creation of additional series of interest.
• A business purpose for a series that is different from that of the master LLC or other series.
• If a series is to be managed by managers, the reservation of certain authorities to the members of the series.
• The admission and dissociation of members and the appointment and removal of managers associated with the series.
• Provisions granting voting rights to members or managers of series, including voting rights to some groups of members or managers that are not granted to others.
• Provisions for certain members or classes of members to have no voting rights.

The next two posts will deal with possible alternatives for ownership structure of series LLCs and with tax issues associated with series LLCs.

Disclaimer: This blog is intended for educational purposes only. It is not legal advice. If you have questions about this article, please contact the author. Comments are closed.

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