Before the Master Series LLC/LP structure was codified there was only LLC or LP. Now, because the Master Series structure can cause confusion, we need to distinguish between the two and the typical words to describe the original LLC/LP structure is “regular” or “traditional” (or the “OG!”). A traditional LLC/LP structure typically requires a filing and fee payment for setup, an annual fee, and when the time comes, a shutdown filing and fee. Additionally, a traditional LLC/LP will come with a stamped, official document recognizing the official creation and status of the LLC/LP. Some banks and some jurisdictions do not recognize a Series LLC/LP because their policy requires the evidence of an officially stamped documents as evidence for the entity’s legitimacy.
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