The series connections of converter cells are interesting for high voltage applications, while parallel connections are for high current applications. The series/parallel is interesting for medium voltage and current applications because they present semiconductor devices with a lower rating in both voltage and current, thus, reducing the cost and size of the converters. This article investigates the configuration of a single-phase multilevel DC-AC converter based on series and parallel connections of H-bridges using floating capacitors to reduce the number of independent DC sources. The use of the floating capacitor has the limitation of working in certain operating regions. This article investigates which regions can work with floating capacitors and presents the mathematical model, general control strategy, pulse width modulation (PWM) strategies, and loss comparison with conventional series or parallel systems. Simulations and experimental results are presented to validate the control and PWM strategies used.