Members Have More Approval Rights Under New Florida LLC Act

By:  Jim Hoctor

The new Florida LLC Act applies to all LLC’s formed in 2014.  As of January 1, 2015, it will apply to all Florida LLC’s.  Under the new Act, any action outside of the ordinary course of the LLC’s business and affairs has to be approved by the members even in a manager-managed LLC.  However, this can be changed by the operating agreement.  Most existing operating agreements do not deal with this.  Therefore, this is one of several changes under the new act that make it important to review and update your LLC’s operating agreement.

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