LLC

An Advantage of Issuing LLC Ownership Certificates

Florida law does not require a limited liability company to issue physical ownership certificates to its members. Ownership of a Florida LLC may be established, and usually is stated, exclusively in the appropriate section of the LLC’s operating agreement. LLCs differ in this respect from corporations because corporation ownership is…

Expressing Inheritance of LLC Membership Interest in Operating Agreement

I sometimes find clients who want to customize their LLC operating agreements to express who will inherit their membership interest upon their death. For instance, a client may ask me to express that if on of the member’s dies the remaining LLC member will inherit the decedent’s interest, or that…

Florida Charging Lien Law Will Apply To LLC Formed in Another State

I often see new clients who tell me that they have previously formed an LLC in other states whose LLC laws protect from creditors the interests of a single-member LLC. These “favored” states include Nevada, Wyoming, and Delaware. The clients believe that a Florida creditor cannot foreclose upon their interest…