What is a Series LLC? What is an EIN? How To Structure a Series LLC A Series LLC is a particular type of LLC that the Delaware legislature invented in 1996 that lets you take one LLC and break it down into its component parts. What is a Series LLC?. If you have a question on what a Series LLC is, or how it can help you, please take a look at the last few days of blogs. Each cell LLC has assets separate from the others, while the master LLC controls all the LLCs in the series. Some depends upon the state treatment of the LLC and under what jurisdiction it is formed. Next, we’ll get into how you can form a series LLC of your own. guidance, we likely will see an increased use of series LLCs as well as the issuance of additional guidance by the states regarding whether they will adhere to the federal tax treatment. The information below provides answers to frequently asked questions about changing your EIN. Generally, businesses need a new EIN when their ownership or structure has changed. When applying for an employer identification number (“EIN“) on IRS.gov you must provide the legal name of the LLC that is applying for the EIN.The dilemma presented to applicants is that the name of the LLC on file with the Texas Secretary of State (and the one that should therefore be used) will not match the name of the particular series for which you are applying for an EIN. These requirements usually state that the name must include the phrase “limited liability company” or an abbreviation like “LLC” and must not be confusingly similar to other companies. The Texas Series LLC. Series LLC Statutes To date, eight states have enacted series LLCs statutes: Delaware, Illinois, Iowa, Nevada, Members are not admitted as members of an individual series but, rather, are members of the series LLC and are "associated" with one or more series and may or may not have any economic interest in the series LLC itself other than an interest in one or more series. A series LLC is the latest and by far most sophisticated form of business entity created.The concept is that a single entity may be formed in a state, but separate series or “cells” may be internally created within the LLC. Each series in the Delaware Series LLC will need to apply to the Internal Revenue Service (IRS) for its own Employer Identification Number (EIN), as each series will be treated as a separate entity for tax purposes. Each cell LLC has its own owners (members) and is liable only for its own debts and obligations. For a series LLC in Illinois, the operating agreement is important because it provides for the establishment of the series and it outlines the operations and structure of the series. Although changing the name of your business does not require you to obtain a new EIN, you may wish to visit the Business Name Change page to find out what actions are required if you change the name of your business. 6 Del. A series LLC is a unique form of limited liability company ("LLC") in which the articles of formation specifically allow for unlimited segregation of membership interests, assets, and operations into independent series. Proposed IRS REG-119921-09 gives some insight as proposed IRS regulations. A series LLC Texas is a variant of a traditional limited liability company (LLC) that has been authorized for use in this state. Presently, only Illinois makes separate entity status available for each series of an LLC. All LLCs are required to have an EIN — it’s worth exploring whether a single EIN for your overall series LLC and the individual businesses underneath it is best, or if you should get an EIN for every business you manage. Illinois' statute contains most of the provisions that are found in Delaware's statute, which was established in … Series LLCs aren’t bad for the businesses they were intended for — structured investments — but relying on liability protection holding up among the cells is of concern, especially for high-liability ventures such as real estate.. If you think that a series LLC — sometimes known as an SLLC — is a good fit for your business, reach out to your attorney or tax advisor for more information. Series LLC EINs Depend on State Rules. Code §18-215(e)-(k).