A series LLC is a type of limited liability corporation that enables the establishment of various “series” inside a single LLC. Every series may have its own members, assets, obligations, and even corporate objectives. For business owners who desire to separate distinct business lines or properties without having to create multiple LLCs, this structure offers substantial advantages.
One of the states that permits the creation of series LLCs is Missouri. The creation of series LLCs is expressly permitted by Section 347.187 of the Missouri Revised Statutes. This means that Missouri business owners can benefit from the adaptability and cost-saving features of series LLCs to build their companies.
By submitting Articles of Amendment to the Missouri Secretary of State, you can change an existing Missouri LLC from a single-member limited liability company to a series LLC. The amendment should contain the text required to establish a series LLC, such as a declaration that the LLC will have one or more series and clauses defining each series’ liability. In order to reflect the changes, you should also amend your operating agreement.
If you live in Missouri and have a physical address there, you are eligible to act as your own registered agent there. To ensure that you obtain vital legal documents and prevent missing any deadlines, it is frequently advised to hire a professional registered agent service.
You must revise your operating agreement and submit an amendment to the Missouri Secretary of State in order to add a member to your LLC in that state. The new member’s name, address, and ownership stake should all be listed in the amendment. Additionally, you should update any required company licenses and permits as well as your tax filings.
The flexibility to separate assets and liabilities is among the key advantages of a series operating agreement. In order to shield the other series from any legal actions or financial difficulties of one series, each series can have its own assets and obligations. The fact that each series may have its own tax categorization and reporting requirements means that this structure can also make accounting and tax filing simpler.
In conclusion, Missouri permits the creation of series LLCs, and company owners can benefit from the adaptability and advantages of this framework. By submitting articles of amendment, you can change an existing Missouri LLC into a series LLC. In Missouri, you have the option of acting as your own registered agent, however using a professional agency is advised. Updating your operating agreement and submitting an amendment are required when you add a member to your LLC. The series operating agreement may offer important advantages including asset separation and streamlined accounting and tax reporting.