The Series LLC is a new and idiosyncratic business entity that presents unique questions of law in the bankruptcy context. The Series LLC shields its members from liability and limits liability between various business endeavors. However, this multi-faceted liability protection creates several questions. These include: whether the Series LLC is eligible for bankruptcy, how to deal with the yet untested limited liability protection of different business endeavors, and whether the Series LLC's multi-directional liability protections run contrary to federal bankruptcy policy. After responding to these concerns, the author proposes a bankruptcy litigation framework to address uncertainty surrounding Series LLC bankruptcy eligibility and create a level playing field.
Thomas J. McElhinney,
A Bankruptcy Litigation Framework for Series LLC Eligibility, Property of the Estate and Substantive Consolidation,
Emory Bankr. Dev. J.
Available at: https://scholarlycommons.law.emory.edu/ebdj/vol35/iss1/8