and “objectively determined” do not call for sophisticated accounting. A well-kept check register with selected annotations will likely suffice. After June 1, 2022, the key point to remember is this: unless the rule on separate series accounting and record keeping is complied with, a series can be neither a registered series nor a protected series. What does this mean for ordinary series that are neither registered nor protected? Nothing good. These may become largely useless as a practical matter, except perhaps as an internal placeholding device. As always, records should be kept with an eye toward potential litigation, particularly litigation that includes piercing allegations since such allegations are common in Texas courts, abusive though they may be in non-fraud situations. Internal documents that reasonably identify the activities of each series are therefore important from the standpoint of preparing for litigation. The company book should be kept up to date with annual meetings (n.d., Willis). If multiple assets of properties are in one’s future, it may be wise to go ahead and establish a series LLC at the outset, so that leases, contracts, accounts, and so forth can all be established in a way that is consistent with a series structure. Otherwise, it will be necessary later to move assets into the series LLC using warranty deeds. There is no change to the protections afforded managers and members (i.e., they are still protected from series liabilities they did not personally guarantee) except to add express language for protected and registered series. BOC Sec. 101.606 states: (a) Except as and to the extent the company agreement specifically provides otherwise, a member or manager associated with a protected series or registered series or a member or manager of the company is not liable for a debt, obligation, or liability of a protected series or registered series, including a debt, obligation, or liability under a judgment, decree, or court order. (b) Notwithstanding Subsection (a), a member or manager associated with a protected series or registered series or a member or manager of the company may agree to be obligated
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