A Foreign Series Limited Liability Company is formed by one or more individuals or entities through a special written agreement. The agreement details the organization of the LLC including: provisions for management, assignability of interests, and distribution of profits or losses.
A company statutorily authorized in certain states that is characterized by limited liability, management by members or managers, and limitations on ownerships transfer. A Foreign Series Limited Liability Company must have notice in a company's certificate of organization of the limitation on liabilities of a series, as required by Section 48-3a-1202, is sufficient whether or not the company has established any series at the time the notice is included in the certificate of organization.
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