Michael L. Feinstein: Florida Makes Big Changes to its Limited Liability Company Act

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BY MICHAEL L. FEINSTEIN, ESQ. – On June 14, 2013, Florida adopted the Revised Limited Liability Act (“Florida’s LLC Act”), based on the Revised Uniform Limited Liability Company Act. Florida’s LLC Act went into effect on January 1, 2014 and is codified in Chapter 605 of the Florida Statutes. Florida’s LLC Act governs new LLCs formed after Jan.1, 2014. LLCs formed before Jan.1, 2014, may elect to be governed under the old LLC statute until Jan.1, 2015, however, after Jan.1, 2015, Florida’s LLC Act will apply to all Florida LLCs. Florida’s LLC Act contains significant changes from the prior statute. Below are some highlights of the material changes: 1. Expansion of Nonwaivable Provisions  §605.0105 Florida’s LLC Act expands the list of statutory rights and provisions that cannot be waived or altered in governing documents or other agreements between an … [Read more...]