Series LLC

What is the name of your state (only U.S. law)? Illinois

I have a Series LLC whose purpose stated in the Articles of Organization is to "buy and sell property for investment purposes." My series LLC current has 4 series' to separate individual properties, but all properties fall under the "property for investment purposes."

My question is, if I wanted to start another company who's purpose is to "provide property maintenance and construction", can I just have an additional series, or would I need another totally separate LLC?

Thanks in advance.

Chuck

This is a rookie mistake and came about because you probably set up the organizing documents yourself. Good thing you saved the money! (If you used an attorney, a malpractice action may be appropriate.)

Google Ultra Vires.

That's the problem. You don't get the liability protection afforded by the LLC if you do acts outside its purpose.

Class, repeat after me, "For any legal purpose". Say it again, and again, and again.

Chuck, hopefully others can learn from your mistake.

Dang skippy. As I said, rookie mistake.

Aughh!! I did save money up front, but now I realize that leaving out those four little words, "for any legal purposes", has cost me a lot more!

Thanks for the help.

You Are Guilty said:

Class, repeat after me, "For any legal purpose". Say it again, and again, and again.

Chuck, hopefully others can learn from your mistake.

Click to expand...

**A: you sound like my old law professor.