Uniform Protected Series Act

The Uniform Protected Series Act governs series limited liability companies — LLCs that can establish one or more "protected series" within the same company, each capable of holding its own assets, admitting its own members, and being managed separately from the company and from other series. Its central mechanism is a liability shield: assets associated with a particular protected series are generally insulated from claims against the company or its other series, subject to rules on when that limitation can be disregarded and how a judgment creditor may reach a member's interest. The act also supplies the surrounding administrative and transactional machinery — formation by designation, naming and registered-agent requirements, service of process, annual reporting, information rights, dissolution and winding up, restrictions on entity transactions and mergers, and registration of foreign protected series.

Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.