Legal Update: Virginia’s Protective Series LLC
The 2019 Session in Virginia’s General Assembly brought forth some signification changes to the Commonwealth. One exciting change for those interested in estate and asset protection planning was the adoption of the Protective Series Limited Liability Company.
The Protective Series LLC was originally set to be available for Virginia companies beginning July 1, 2020; however, the Enactment Clause 4 of Chapter 1226 of the 2020 Acts of Assembly, [HB1149 (2020)], amended and reenacted Enactment Clause 2 of Chapter 636 of the 2019 Acts of Assembly, [HB2272 (2019)] to change the effective date from July 1, 2020 to July 1, 2021.
Those looking to create a series LLC in Virginia will have to wait until the summer of 2021 to begin the process, or to look to one of Virginia’s other business entities achieve their asset protection planning goals. For those interested in a series structure with limited liability, a Virginia Business Trust may be a suitable alternative to the Protected Series LLC. You can find more information on the Virginia Business Trust and other Virginia business entities on our blog or by clicking on the links provided.