Olmstead and Recent Changes to Florida Limited Liability Act – from the Desk of Denise Cazobon

On May 31, 2011, Governor Scott signed into law amendments to the Florida Limited Liability Act that significantly impact the remedies available to the creditors of an individual owning membership interest in a Florida limited liability company.  These amendments, which apply retroactively, were in response to the 2010 Florida Supreme Court opinion in Shaun Olmstead…

Details

Statutory Reorganization from Corporation to Limited Liability Company – from the Desk of Denise Cazobon

Under Florida law, shares of ownership in a corporation are subject to attachment by creditors of the shareholder.  Fla. Stat. §76.02  (2011).   As a result, shareholders in a family owned corporation can be forced to share ownership and control with ex-spouses and/or creditors of a family member.  In cases where there is only one shareholder…

Details