Is a Single Member LLC in Florida Protected from Creditors?

August 18, 2020 / LLC

Florida has enacted a statute specifically dealing with single member limited liability companies. The statute authorizes single member LLCs. The statute includes creditor remedies to collect a judgment from a debtor’s membership interest in the debtor’s single member LLC. Generally, a judgment creditor’s sole remedy against multi-member LLCs is limited to a charging order. The …

Is a Single Member LLC in Florida Protected from Creditors? Read More »

Using a Foreign State’s Domestic Asset Protection Trust Law in Florida

May 22, 2020 / Asset Protection, LLC

Some states, not Florida, have statutes that encourage asset protection trusts. These states’ statutes provide that if a debtor establishes an irrevocable trusts for their own benefit the assets that the debtor conveys to his trust are protected from his creditors. The trustmaker must reside or have significant assets in the state where the trust …

Using a Foreign State’s Domestic Asset Protection Trust Law in Florida Read More »

What Happens to Community Property Rights When You Become a Florida Resident?

May 22, 2020 / Judgment Collection, LLC

A client, a married man, acquired and owned a LLC membership interest in his own name while living in Texas. He and his wife moved to Florida. A Texas court entered a money judgment against the wife only, and the creditor moved the judgment to Florida. Texas is a community property state; Florida is not …

What Happens to Community Property Rights When You Become a Florida Resident? Read More »

Operating Agreement Can Avoid Probate of Florida LLC Membership Interests.

May 22, 2020 / Estate Planning, LLC

From time to time we receive inquiries about using limit liability companies to avoid probate of business interests and real estate. Some people believe that they can write terms and conditions in an LLC operating agreement that control the transfer of a member’s LLC interest after the member’s death. They believe that the deceased member’s …

Operating Agreement Can Avoid Probate of Florida LLC Membership Interests. Read More »

Priority of Sequential Charging Liens Against Same LLC Membership Interest

May 22, 2020 / LLC

Florida Statute 605.0503 states that a charging lien is a judgment creditor’s sole remedy against a debtor’s membership interest in a limited liability company. The statute does not explain what happens if two judgment creditors apply for a charging lien against the same LLC interest. It is not clear whether the second charging lien has …

Priority of Sequential Charging Liens Against Same LLC Membership Interest Read More »

Scroll to Top