New Florida Revised Limited Liability Company Act

The new Florida Revised Limited Liability Company Act will take effect on January 1, 2015 for all Florida limited liability companies (“LLC”).  Currently existing Florida LLCs may opt into being governed by the new law beginning on January 1, 2014 if they wish, but any new Florida LLCs which are formed in 2014 and all existing foreign LLCs will automatically be immediately governed by this new law. If your existing LLC was organized with one or more persons designated as a “managing member”, has only two members each of which have equal voting rights, has no written operating agreement or was organized under the laws of a jurisdiction other than Florida, you should speak with a knowledgeable attorney about what this new law’s changes may mean to you.

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