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 the decedent’s heirs will automatically …
What do you do if you miss the May 1 deadline for filing an annual report for your Florida LLC with the Florida Secretary of State.
The new Florida LLC law changes the rules about distributions of cash and other assets to LLC members. The law makes it difficult for an LLC facing a potential lawsuit to dissipate is collectible assets through distributions out to its member owners.
The 2013 year revisions to Florida’s LLC statute can affect how Florida LLC’s may be used for Florida asset protection planning. The new statute is effective on January 1, 2014.
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 in the foreign-state LLC. Does …
Most people who contact me to assist in drafting LLC operating agreements for asset protection know that only multi-member LLCs have asset protection benefits for Florida residents. Many clients want to know about options to add a second member to an LLC that is essentially the client’s own business or investments.
As mentioned previously in a blog post the 2013 Florida legislature revamped the entire LLC act. During the process, the legislature considered but rejected the proposal to provide for a Series LLC similar to the Delaware Series LLC. Why did the legislature pass on this opportunity to make the Florida LLC attractive to business people …
This year’s Florida legislature has enacted a revised limited liability company statute called the Florida Revised Limited Liability Company Act. Governor Scott is expected to sign the bill. This LLC statute revision had been planned over several years. The revised LLC statute does not alter the important LLC laws relevant to asset protection planning in Florida.
A creditor may apply for a charging lien against the debtor’s membership interest in an LLC. If the LLC operates a professional business such as a medical practice or law firm, can a creditor who is not licenses in the same profession hold a charging lien against a member’s LLC interest?
A debtor forms a two member LLC to operate a family business. A creditor obtains a judgment against the business owner and proceeds to get a charging lien against distributions allocated to the debtor’s share of his LLC. Is there a way for the debtor to obtain money from his LLC after the charging lien?