Tufts Law Firm News
NEW FLORIDA LLC ACT COMING IN 2014
After many years of work, the Florida Legislature has passed a new Florida LLC Act that will be in play in January 2014. All LLCs will be subject to the new law by January 1, 2015. The new LLC Act is grounded in the uniform act, as revised, by NCCUSL, but there are provisions that remain unique to Florida. For example, the Olmstead Patch legislation previously enacted remains in place. So, too, is the concept of "non-waivable provisions" for those drafting operating agreements; however, under the new law, there are now 17 separate statutory nonwaivable provisions. As to the duties of loyalty and care, practitioners will find that efforts may be made to alter the same. At the same time, it is not permissible to enter into written indemnification provisions that seek to exculpate those from gross negligence, or known violations of the law.