Has anyone encountered a loan request from a Series LLC? Here is what my loan staff says a Series LLC is:
By filing in Delaware, companies can now create something like subdirectories in an LLC--a Series--each series, different name, can have different members, and can't be held liable for debts in the other series connected to the "Main LLC". It takes specific set up and filing. This type of borrowing entity can cause banks problems if banks don't lock down with specific language what they will have access to by default, by rights of offset, etc. These are fairly new developments, but will be taking off like lightning. I am trying to see what other banks may be doing.
Opinions are mine and subject to change frequently