New Provisions of Delaware LLC Law

In July 2018, the Delaware Limited Liability Company (“LLC”) law was amended to allow registered series and division of LLCs.  Delaware LLCs could be divided into series previously, but among other things the series were not considered “registered organizations” for purposes of Title 9 of the Uniform Commercial Code.  LLC series can now be registered by making a filing and paying a fee.  This also will allow a certificate of good standing to be issued with respect to the series.  Unregistered series will be known as “protected series”.  This amendment is effective August 1, 2019, although other amendments were effective in 2018.  So, for example, the amendments also allow for division of an LLC into two or more LLCs with the drafting of a plan of division.