As you are probably aware, effective January 1, 2014, the Florida Revised Limited Liability Company Act (the “Act”) was adopted. All limited liability companies formed on or after January 1, 2014 are subject to the Act. All limited liability companies formed prior to January 1, 2014 will become subject to the Act effective January 1, 2015.
Unless you have a single member limited liability company, the Act modifies the old law in many significant ways, including how the company may be managed, the authority of managers and members and, in some situations, the voting rights of members. For new formations, clients should carefully consider in advance what protections may need to be built into a company’s articles of organization. For existing companies, a thorough review of existing documents may be appropriate.
In short, forming a limited liability company in Florida will now be a more involved process in most cases. We recommend that clients consult with an attorney prior to forming a new limited liability company in light of the Act’s far-reaching changes.
Please contact us if you have any questions.