How do Series LLCs work for real estate syndications?

A Delaware Series LLC allows you to create separate "series" within one entity. Each series can hold a different property with its own investors, assets, and liabilities. If one deal fails, other series are protected—without forming multiple LLCs.

What is the Delaware Court of Chancery?

The Court of Chancery is Delaware's specialized business court, with judges who handle complex corporate and LLC matters daily. This expertise creates predictable outcomes for fund managers, unlike generalist courts in other states.

What SEC office covers Delaware syndications?

The SEC Philadelphia Regional Office (1617 JFK Boulevard, Suite 520) oversees Delaware. Phone: (215) 597-3100. They handle examinations and enforcement for Delaware-based entities.

What are the compliance requirements for raising capital in Delaware?

Delaware requires Form D notice filing within 15 days after first sale. The filing fee is $200, and processing typically takes 1-2 weeks. Delaware also allows domestic Series LLC formation ($200 filing fee).

Delaware Syndication

Real Estate Syndication Software for Delaware GPs

Delaware has been the jurisdiction of choice for sophisticated fund managers since pioneering Series LLC legislation in 1996. The First State's Court of Chancery—a specialized business court with judges who understand complex entity structures—provides unmatched legal certainty for fund formation. While Delaware's small size means fewer local syndication deals, GPs nationwide form their Series LLCs in Delaware and register them as foreign entities in states where they operate. This structure offers maximum asset protection with the credibility that comes from Delaware incorporation.

$325,000

Median Home Price

Avg Cap Rate

1,018,396

Population

2.8%

YoY Appreciation

Delaware Syndication Compliance

Series LLC

Domestic formation allowed since 1996

$200 filing fee

Blue Sky Filing

Required within 15 days after first sale

$200 fee • 1-2 weeks

Key Compliance Points

Pioneered Series LLC legislation in 1996
Court of Chancery expertise in business law
$200 filing fee, $300 annual franchise tax
Fast processing: 1-2 weeks

Source: Delaware Limited Liability Company Act § 18-215

Delaware Real Estate Market for Syndicators

Key metrics for syndication opportunities in Delaware.

$325,000

Median Home Price

6.0%

Average Cap Rate

2.8%

YoY Appreciation

$200

Blue Sky Filing Fee

Market Highlights

Median home price $325K

Average cap rates 6.0%

Year-over-year appreciation 2.8%

Primary use: fund formation jurisdiction

Delaware Syndication Compliance Requirements

Essential legal and regulatory information for raising capital in Delaware.

Series LLC Formation

Available

Formation Year1996

Filing Fee$200

Annual Report$300

Delaware pioneered Series LLC legislation and remains the gold standard for fund formation. Court of Chancery provides specialized business law expertise.

Source: Delaware Limited Liability Company Act § 18-215

Blue Sky Filing

Required

Filing Fee

$200

Processing Time

1-2 weeks

Deadline

15 days after first sale

Delaware Securities Division processes filings efficiently. Many syndicators file in Delaware as their primary state.

Source: Delaware Securities Act § 7316

SEC Regional Office

Philadelphia Regional Office

Address

1617 JFK Boulevard, Suite 520, Philadelphia, PA 19103

Phone

(215) 597-3100

Frequently Asked Questions

Common questions about real estate syndication in Delaware.

Delaware offers: (1) pioneering Series LLC legislation since 1996, (2) the Court of Chancery with specialized business judges, (3) extensive case law providing legal certainty, and (4) business-friendly statutes that update regularly.

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