Iowa Code § 489.14103: Nature of protected series.

A protected series of a series limited liability company is a person distinct from all of the following:

1. The company, subject to section 489.14104, subsection 3, section 489.14501, subsection 1, and section 489.14502, subsection 4.

2. Another protected series of the company.

3. A member of the company, whether or not the member is an associated member of the protected series.

4. A protected-series transferee of a protected series of the company.

5. A transferee of a transferable interest of the company.