A Utah Certificate of Organization (Series LLC) is a type of business entity that allows a single limited liability company to create multiple divisions or series, each of which can be treated as separate entities when it comes to taxes, liabilities, and management. This structure is often used by businesses that have multiple products or services, and allows them to operate and manage each division separately while still maintaining the benefits of a single LLC. This type of LLC is registered with the Utah Division of Corporations & Commercial Code. There are two types of Utah Certificate of Organization (Series LLC): a standard filing and a master/umbrella filing. The standard filing is used when the LLC has multiple divisions, while the master/umbrella filing is used when the LLC has multiple subsidiaries.
Utah Certificate of Organization (Series LLC)
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FAQ
With a Series LLC, a holding company can hold all individual businesses under a single umbrella while mitigating the risk of one business' assets being used to satisfy the debts or liabilities incurred by another of its businesses.
Another potential disadvantage of the series LLCs is that tax treatment and reporting requirements vary depending on the state. Sometimes, the rules aren't crystal clear. States might treat each series as a separate tax entity or have the master LLC and all series treated as a single entity.
The main difference between a series LLC and a traditional LLC is in terms of liability and exposure. In a suit filed against a traditional LLC, all assets are available. In a suit filed against a Series LLC, only the assets within the specific ?cell? being sued are available.
Yes. Each series (including the parent LLC) is required to file a separate Utah Annual Report. You may file online or by mail.
Series LLCs vs. Holding companies hold the LLC group that store assets. Each time the business owner would like to put an asset under the holding company's umbrella, a distinct LLC must be formed. With series LLCs, however, you simply have to establish a master LLC as opposed to multiple LLCs.
If you want to make sure your assets have good, solid protection, it's a much better idea to avoid corporate structures that don't provide reliable protection. Avoid series LLCs as a form of protection until a definitive case law is established and rely instead on known, tested entities such as individual LLCs.
The Utah Certificate of Organization is the official document filed with the Utah Department of Commerce to establish a Limited Liability Company (LLC). After the filing is approved by the state, the business can officially begin operating and register for the necessary business licenses and permits.
A Series LLC can give rental property owners a way to separate their real estate investments from one another. Businesses that operate multiple channels of revenue (or have separate teams or divisions in different states) may determine that a Series LLC is the best fit for their company as well.