Florida  |  Investment Law

I have an LLC. It is wholly owned by two partners. My partner would like to raise capital utilizing a format of 15,000 Shares of 12% Cumulative Non-Voting

Redeemable Series A Preferred Stock Offered at $100 per Share. There is no mandatory redemption.

I questioned whether we would be able to issue preferred stock at all considering we were a LLC. Let alone a third suggestion of a convertible debenture into common stock. An LLC doesn't even have common stock correct? Please Help.