Operating Series
A dedicated series within a Series LLC structure holding an issuer's specific project assets and liabilities.
Full Definition
An Operating Series is one type of compartment within a Series LLC structure. Each Operating Series functions as a legally distinct entity that holds the assets, liabilities, and contractual relationships for a specific project or investment.
The Operating Series is where the actual business activity occurs—it holds the real estate, makes the loans, owns the revenue-generating assets, or conducts whatever activity the offering is designed to fund.
Why It Matters
On Sails.to's Wyoming DAO LLC platform, each issuer's project is structured within an Operating Series. This provides:
- Liability isolation: Problems in one Operating Series don't affect other series or the parent structure
- Clear ownership: Investors' tokens represent interests in this specific Operating Series
- Regulatory clarity: Each series can have distinct securities registrations and investor eligibility requirements
The Operating Series works alongside the Treasury Series and CrossConversion Series to create a complete, compliant structure.