The Florida Supreme Court's decision in Olmstead v. FTC held a charging order is not the exclusive remedy of a creditor of a member of a single-member Florida LLC.
This surprising decision allows a court to order a judgment
debtor to surrender all right, title, and interest in the debtor's
single member limited liability company to satisfy an outstanding
judgment. This is another case that calls into question whether SMLLCs
provide any asset protection for the member. A strongly worded dissent
expressed concern this decision could impact multi-member LLCs in
During this program, our panel will discuss:
- The Olmstead majority and dissenting opinions
- Whether single-member LLCs are useful for asset protection, in light of Olmstead and prior decisions such as like Albright, A-Z Electronics, Modanlo, VData, Desmond, and Schwab.
- What these cases mean for companies that have utilized single-member LLCs rather than subsidiary corporations
- What State Legislatures might be expected to do
- The impact of the Olmstead decision on remedies pursued by creditors.
Christopher M. Riser
, Riser Adkisson LL
P, Athens, GeorgiaT. Scott Tufts
, Tufts Law Firm, PLLC
, Maitland, FloridaEvent Date & Time
Tuesday, August 24, 2010
1:00 PM - 2:30 PM Eastern
12:00 PM - 1:30 PM Central
11:00 AM - 12:30 PM Mountain
10:00 AM - 11:30 AM Pacific