Series LLC in Missouri
A Series LLC in Missouri is a special type of LLC that provides liability and tax benefits. The series LLC consists of a master LLC and individual series. A series LLC holds several properties under one LLC. This keeps personal assets separate from business assets.
To form a series LLC in Missouri, check the box in Section 7 of the Articles of Organization form. Declare the new LLC as a series. Fill out form LLC 1A for each series. Make an operating agreement outlining ownership and processes. Obtain an EIN.
Missouri statute requires LLCs have an operating agreement. You can change the LLC name by filing an amendment. To dissolve an LLC, file Articles of Termination. A foreign individual can own a Missouri LLC. A Certificate of Good Standing may be required for financing or out-of-state business.
What State Allows Series LLC
Currently, the following states recognize the Series LLC structure: Alabama, California, Delaware, District of Columbia, Illinois, Iowa, Kansas, Missouri, Montana, Nevada, North Dakota, Oklahoma, Tennessee, Texas. In this guide, we explore Series LLCs, how they are created in Illinois, Indiana, Iowa, Kansas, Missouri, and Montana, and why they gain favor among investors and business owners.
Operating Agreement
Section 1: 17-76,143(a) and 347.186.1 – the Operating Agreement. The first section of each state’s series LLC law has four things. First, it allows current and future series establishment within the LLC. Second, it allows “designated series” of members, managers, or LLC interests. Third, each “designated series” can have separate rights, powers, or duties regarding a property, obligation, or profits.
Each Series within your Series LLC must have its own bank account, since each produces separate financial statements. An LLC creates a boundary between owner and company, legally protecting the owner from company debts or liabilities. LLCs show similarities to both corporations and partnerships. Like corporations, LLCs afford legal protection but typically require less paperwork and fees.