May Series
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 LONGABERGER BOYDS CC MAY SERIES LILAC BASKET LIMITED EDITION TREASURE BOX NEW $29.95 Time Remaining: 29d 21h 23m Buy It Now for only: $29.95 |
 Longaberger 2000 Morning Glory Basket Liner Protector Tie On May Series EUC $30.00 Time Remaining: 1h 19m Buy It Now for only: $45.00 |
 Longaberger 1994 May Series Lilac Basket w Liner Protector Wicker Hand Wove $9.99 (1 Bid) Time Remaining: 4h 31m |
 Longaberger 2008 May Series Daffodil TIE ON RARE New in the Box $8.99 Time Remaining: 27d 11h 35m Buy It Now for only: $8.99 |
 Longaberger May Series Snapdragon Basket $9.98 (1 Bid) Time Remaining: 8h 54m |
 Longaberger May Series Snapdragon Tie On $19.99 Time Remaining: 12d 11h 21m Buy It Now for only: $19.99 |
 Longaberger 1998 Snapdragon May Series 1990 Mothers Day Basket $24.99 Time Remaining: 10h 55m |
 Longaberger 2001 May Series Peony TIE ON RARE New in the Box $9.99 Time Remaining: 27d 11h 34m Buy It Now for only: $9.99 |
 Longaberger 10 RARE oak framed matted MAY SERIES Mothers Day basket cards $785.00 Time Remaining: 15h 31m |
 Longaberger Sweet Pea Silk Floral Insert For Mini May Series Basket $12.00 Time Remaining: 4d 23h 45m Buy It Now for only: $12.00 |
 Longaberger 2002 May Series Geranium Basket w Liner Brand New in Wrapper $39.99 Time Remaining: 22h 15m Buy It Now for only: $54.99 |
 Longaberger May Series Daffodil Basket Super Set $35.00 Time Remaining: 2d 6h 57m Buy It Now for only: $35.00 |
 Longaberger 1996 May Series Sweet Pea Basket Combo Liner Protector and Tie On $29.99 Time Remaining: 22h 42m Buy It Now for only: $39.99 |
 Longaberger 1996 May Series Sweet Pea Basket Liner $13.00 Time Remaining: 23d 1h 27m Buy It Now for only: $13.00 |
 Longaberger 1994 May Series Lilac Basket Combo Liner Protector and Tie On $29.99 Time Remaining: 22h 43m Buy It Now for only: $39.99 |
 Longaberger Miniature Tulip Silk Floral Insert For Mini May Series Tulip Basket $12.00 Time Remaining: 4d 23h 45m Buy It Now for only: $12.00 |
 Longaberger LINER ONLY for May Series Peony Basket BNIB $8.95 Time Remaining: 1d 2h 56m |
 1999 Longaberger May Series Daisy Basket 10th in Series $29.99 Time Remaining: 1d 3h 20m |
 Longaberger Mini May Series Floral Fabric 5 Uncuts Yards $39.00 Time Remaining: 1d 23h 28m Buy It Now for only: $39.00 |
 Longaberger 2008 May Series Daffodil Super Set NEW $19.99 Time Remaining: 1d 3h 37m |
 LONGABERGER BASKET LINER MAY SERIES LILAC $19.99 Time Remaining: 25d 21h 2m Buy It Now for only: $19.99 |
 LONGABERGER MAY SERIES 1997 PETUNIA $28.99 Time Remaining: 1d 5h 21m Buy It Now for only: $35.00 |
 Longaberger 2008 MAY SERIES DAFFODIL BASKET NEW $35.00 Time Remaining: 2d 5h 25m Buy It Now for only: $35.00 |
 Longaberger May Series Basket Lot Snapdragon Tulip and Peony $75.00 Time Remaining: 1d 5h 31m |
 Longaberger 2001 May Series Peony Flower Pot and Saucer NIB $40.00 Time Remaining: 8d 4h 1m Buy It Now for only: $40.00 |
 Longaberger Basket Lot May Series Sweet Pea Lily of the Valley and Peony $49.99 Time Remaining: 1d 6h 31m Buy It Now for only: $74.99 |
 Longaberger Baskets 2008 May Series DAFFODIL Tie On New Mint in Box $10.89 Time Remaining: 21d 6h 59m Buy It Now for only: $10.89 |
 Longaberger 1999 May Series Daisy Tie On $8.95 Time Remaining: 1d 7h 51m Buy It Now for only: $11.88 |
 Longaberger May Series Lilac Basket $39.99 Time Remaining: 27d 23h 52m Buy It Now for only: $39.99 |
 2007 Longaberger May Series Geranium Basket w protector liner tie on EUC $34.99 Time Remaining: 1d 11h 8m Buy It Now for only: $39.99 |
 Longaberger May Series Pansy Basket with Pansy Liner and Protector EUC $50.00 Time Remaining: 26d 3h 49m Buy It Now for only: $50.00 |
 Longaberger 1999 May Series Daisy Basket Combo $31.99 Time Remaining: 1d 12h 25m Buy It Now for only: $53.00 |
 LONGABERGER 2008 MAY SERIES DAFFODIL BASKET SET NEW $44.99 Time Remaining: 1d 23h 2m |
 LONGABERGER 1997 May Series Petunia Basket 12947 with Lid Protector and Tie On $49.99 Time Remaining: 27d 11h 43m Buy It Now for only: $49.99 |
 Longaberger May Series small cardboard print rare $6.99 Time Remaining: 1d 23h 16m Buy It Now for only: $9.99 |
 Longaberger Grandma Bonnies May Series Basket Print $30.00 Time Remaining: 15d 2h 6m Buy It Now for only: $30.00 |
 Longaberger 1999 May Series Daisy Liner $7.88 Time Remaining: 2d 3h 46m Buy It Now for only: $11.00 |
 Longaberger May Series Violet Basket Combo $64.99 Time Remaining: 19d 3h 41m Buy It Now for only: $64.99 |
 Longaberger 1999 May Series Daisy Basket $40.00 Time Remaining: 2d 23h 58m |
 1997 Longaberger MAY Series PETUNIA Pottery Basket TIE ON NIB USA $10.44 Time Remaining: 14d 22h 44m Buy It Now for only: $10.44 |
 2008 Longaberger May Series Daffodil Basket Super Combo $68.00 Time Remaining: 3d 10h 44m |
 Longaberger BASKET May Series Snapdragon Mint 1998 $29.99 Time Remaining: 5d 4h 19m Buy It Now for only: $29.99 |
 Longaberger 1993 May Series Lily of the Valley Combo $19.95 Time Remaining: 3d 12h 54m Buy It Now for only: $29.99 |
 New Longaberger Daffodil Basket Set May Series 2008 Gma Bonnie free shipping $55.00 Time Remaining: 4d 11h 9m Buy It Now for only: $55.00 |
 Longaberger May Series Grandma Bonnie GERANIUM BASKET SET Prot Liner Tie on NEW $66.50 Time Remaining: 3d 23h 18m |
 Longaberger Miniature Petunia Silk Floral Insert For Mini May Series Basket $12.00 Time Remaining: 6d 4h 35m Buy It Now for only: $12.00 |
 1992 LONGABERGER May Series PANSY BASKET 10006 with LINER and PROTECTOR $49.99 Time Remaining: 4d 9h 33m |
 Longaberger 1 yd x 59 Collector Club Miniature May series FABRIC mint $19.99 Time Remaining: 4d 10h 51m Buy It Now for only: $22.00 |
 Vanity Basket Liner from Longaberger brand Mini May Series Floral Fabric New $14.99 Time Remaining: 23d 7h 29m Buy It Now for only: $14.99 |
 Longaberger Boyds Bears Treasure Box Rose Collectors Club May Series Mini NIB $12.99 (1 Bid) Time Remaining: 4d 11h 37m |
 1993 Longaberger May Series LILY of the VALLEY BASKET Liner USA NIB $10.44 Time Remaining: 12d 11h 18m Buy It Now for only: $10.44 |
 Longaberger 2002 May Series Geranium Basket Combo $35.00 Time Remaining: 4d 11h 58m Buy It Now for only: $45.00 |
 1998 Longaberger MAY Series DAISY Pottery TIE ON New in Box USA $14.24 Time Remaining: 12d 9h 16m Buy It Now for only: $14.24 |
 Longaberger May Series Daffodil Basket $40.00 Time Remaining: 4d 20h 46m |
 Longaberger 1999 May Series Daisy Basket Liner $12.00 Time Remaining: 9d 9h 31m Buy It Now for only: $12.00 |
 LONGABERGER MAY SERIES LOT OF 4 BASKETS $20.00 Time Remaining: 5d 9h 11m |
 Envelope Basket Liner from Longaberger brand Mini May Series Floral Fabric New $14.99 Time Remaining: 23d 7h 32m Buy It Now for only: $14.99 |
 Longaberger 1995 MAY SERIES TULIP TIE ON $2.99 Time Remaining: 5d 10h 41m |
 Longaberger 1995 May Series Tulip Basket with Liner and Protector EUC $40.00 Time Remaining: 21d 1h 10m Buy It Now for only: $40.00 |
 Longaberger 1996 MAY SERIES SWEET PEA TIE ON $2.99 (2 Bids) Time Remaining: 5d 10h 42m |
 Longaberger 1999 May Series Daisy Basket Tie On $15.00 Time Remaining: 6d 22h 24m Buy It Now for only: $15.00 |
 Longaberger 1997 MAY SERIES PETUNIA TIE ON $2.99 Time Remaining: 5d 10h 43m |
 Longaberger 1998 MAY SERIES SNAPDRAGON TIE ON $2.99 Time Remaining: 5d 10h 44m |
 Longaberger May Series Mini Miniature Peony Basket Set Complete $89.00 Time Remaining: 1d 11h 48m Buy It Now for only: $89.00 |
 Longaberger 1999 MAY SERIES DAISY TIE ON $2.99 Time Remaining: 5d 10h 45m |
 Longaberger 1993 May Series Lily of the Valley Basket Combo $29.99 Time Remaining: 2d 20h 35m Buy It Now for only: $29.99 |
 Longaberger 1998 MAY SERIES PRINT $9.99 Time Remaining: 5d 10h 54m |
 LONGABERGER MAY SERIES DAFFODIL DAISY LINER $18.49 Time Remaining: 26d 10h 11m Buy It Now for only: $18.49 |
 Longaberger VIOLET 1990 May Series Combo $89.99 (2 Bids) Time Remaining: 5d 12h 29m |
 NEW BOYDS BEAR LONGABERGER TREASURE BOX MAY SERIES MINI TULIP BASKET W ALVA $22.50 Time Remaining: 22d 21h 57m Buy It Now for only: $22.50 |
 Longaberger Collectors Club May series Mini Peony Loaded Mint Free Ship $68.00 Time Remaining: 5d 21h 51m Buy It Now for only: $75.00 |
 Longaberger Collectors Club May Series Mini Rose Basket Protector $15.99 Time Remaining: 1d 2h 32m Buy It Now for only: $15.99 |
 1999 May Series Daisy basket Liner Protector Protector Lid and more 2183168 $55.00 Time Remaining: 3d 3h 56m Buy It Now for only: $61.00 |
 LONGABERGER MAY SERIES YELLOW GOLD DAFFODIL POTTERY TIE ON NIB $13.95 Time Remaining: 9d 5h 2m Buy It Now for only: $13.95 |
 2000 Retired May Series Morning Glory Basket liner Protector Tie On 2856869 $65.00 Time Remaining: 3d 4h 33m Buy It Now for only: $72.00 |
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Series Llc’S: Not Good Enough For The Aba
In the last five years promoters have been touting the benefits of a Series LLC. But in a new report, an American Bar Association Committee has questioned the viability of the Series LLC.
We all know that an LLC can offer significant asset protection for real estate and other assets. If you have three pieces of real estate you form three separate LLC’s for maximum protection. But the series LLC, as claimed by promoters, can offer asset protection without having to form multiple entities. Instead, they claim, you can form just one LLC and place your assets into various series within the LLC where they are protected from each other.
We have never liked the series LLC because conceptually it all doesn’t make sense. If you form one entity and it is sued, all of the assets within that entity are exposed—whether they are in separate series (or buckets or whatever else the promoters use to describe them) or not. Significantly, there is not one court case extending asset protection to assets held in a separate series. I personally do not want to put my assets into an entity and hope for the best in a future court ruling. By using separate LLCs we have the certainty that assets in a remote LLC will not be exposed to claims brought against a target LLC. The series LLC does not offer such certainty.
The Series LLC has also been sold as a state fee savings device. By using a series LLC holding, for example, four assets it is claimed that you only have to pay one filing fee instead of four fees for four separate LLCs. That argument worked until the state of California decided that each series would be taxed as a separate LLC. So instead of paying just $800 for one series LLC in California you would pay, in our four asset example, $3200 for the series—the same as if you’d used four separate LLCs with greater certainty of protection. While not every state is as aggressive a tax collector as California, you can be certain that some will follow suit and charge a filing fee per series.
Due to the issues of asset protection certainty and illusionary filing fee savings, we have not, and will not, prepare series LLCs for our clients.
The American Bar Association ("ABA") now agrees with this opposition.
As a public service the ABA assists with the drafting of model laws that states can use across the country. Their committee, the National Conference of Commissioners on Uniform State Laws, approved by the original Uniform Limited Liability Company Act ten years ago. With the increased usage of LLCs, it was time to revise the original act, and the committee spent three years reviewing proposed charges.
Importantly, after looking into the series LLC, the ABA committee decided not to endorse them. The committee noted that the series LLC originated in Delaware for use in mutual fund and structured finance transactions and then stated:
"What’s good for Delaware and highly sophisticated deals is not necessarily good for the LLC law of other states. A philosophy that works wonders for ‘high end’ transactions may be bad medicine for the thousands of more prosaic but nonetheless important closely held businesses that choose to house themselves within the LLCs."
Concerns about the various unknowns posed by the series LLC were presented. These included whether the supposed "internal liability shield" would be respected in states that do not have series provisions, whether bankruptcy would consolidate all of the series into the parent and the general drafting and record keeping complexities of the series LLC.
In the end, the committee declined to accept the series concept. This is a significant development. When the nation’s brightest lawyers take a three year look and then pass on endorsement of the series LLC everyone—lawyers and clients—should take note.
Our firm will not put our clients into a series LLC. Beware of promoters who would sell you otherwise.
About the Author
Garrett Sutton, Esq. is a corporate attorney and is the author of “Own Your Own Corporation” and other titles in the Rich Dad Advisor series. His firm forms and maintains corporations, LLCs and other entities and may be reached at http://www.corporatedirect.com.
To get a FREE copy of Garrett’s book, “What to Know Before you Incorporate” log onto www.corporatedirect.com