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Membership interests to require amending and restating the LLC agreement. My thought is to form a series LLC in Delaware and allow the members of the master LLC to be members of the series—if they like the deal—with others who are not part of the master LLC to join each series. I’ve actually done this, but the single LLC structure that I’ve described seems a little odd. Thoughts?
No. That is not how it works. At least in DE. You can think of each series almost as its own LLC. But the — depending on other circumstances — the fees and paperwork are just easier. But each state that allows series LLCs may be different. There are only 7 other states outside DE (and PR) that allow series LLCs, last time I looked at it. But each likely has its own rules on how series are treated.