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Law Educator, Esq.
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 99794
Experience:  All corporate law, including non-profits and charitable fraternal organizations.
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I have a very small video production company. Im currently

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I have a very small video production company. I'm currently working on a documentary and have had to bring a couple of partners on board for the project. I want to form an LLC and someone suggested that I form a Series LLC so I can keep this project separate from my production company. Is this the best plan of action? How do I form an LLC or Series LLC? How much more expensive is a Series LLC than an LLC?
Submitted: 3 years ago.
Category: Business Law
Expert:  Law Educator, Esq. replied 3 years ago.
TN is one of the few states that has the series LLC and the series LLC is good to have multiple companies separate under one umbrella company. This is like having a parent company owning multiple other companies or LLC's. In a series LLC , creditors could enforce liabilities of one series only against the assets of that series or individual LLC. The assets of the master LLC and any other individual LLC under the series would remain outside the reach of creditors. The costs to organize and maintain a series LLC are often less than comparable costs for multiple entities, and a series LLC might require fewer organizational documents than multiple entities.

The cost of a series LLC is cheaper because it is treated as one entity for the franchise taxes in TN, no matter how many series they have under the one LLC. A Tennessee limited liability company is formed by filing a document called The Articles of Organization with the Tennessee Secretary of State. The fee for filing the Articles of Organization is $50 per member (minimum fee = $300, maximum fee = $3,000). You pay one fee, no matter how many series you register under it. In your LLC operating agreement you state that one or more series may be established within the LLC. You then open separate accounts and a separate set of books for each series under the LLC and (i) the master LLC must designate the series in its operating agreement, (ii) the master LLC’s operating agreement must provide for such limitation of liability, (iii) the series must maintain separate and distinct records for the series that are separate from the records of the master LLC or another series, (iv) the series must hold its assets separate from the assets of the master LLC or another series, and (v) the master LLC must provide notice of the limitation of liability of the series in its Articles of Organization.
You can get the forms from the TN secretary of state for filing.

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Customer: replied 3 years ago.
You mention a division of assets under each of the LLC's in the series. As a small video production company, I only have a small amount of equipment. Would this division of assets mean that I have to divide my actual gear and spread it throughout the individual LLC's, or could it simply define project specific intellectual property? Also, can I add new LLC's under the main as need arises or am I limited to the ones I establish at the time I originally file?

You also mentioned that the cost would be lower for a Series LLC than for an LLC. That goes against what I'd been led to believe. Were you referring to the difference compared to establishing multiple LLC's?

So far your answers have been very much in line with my internet research. Thank you for your assistance.
Expert:  Law Educator, Esq. replied 3 years ago.
No, you can share the equipment with the main LLC owning the equipment and "renting it" to each of the series as needed. It is just that each series needs its own bank account, you would assign IP to each specific series. You can add a series as needed by amending the articles of organization and name it whatever you like. Yes I was referring to the lower cost over time than setting up multiple separate LLC's
Law Educator, Esq., Attorney
Category: Business Law
Satisfied Customers: 99794
Experience: All corporate law, including non-profits and charitable fraternal organizations.
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