Florida Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act

State:
Multi-State
Control #:
US-01931BG
Format:
Word
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Description

A Limited Liability Company (LLC) is a separate legal entity that can conduct business just like a corporation with many of the advantages of a partnership. It is taxed as a partnership. Its owners are called members and receive income from the LLC just as a partner would. There is no tax on the LLC entity itself. The members are not personally liable for the debts and obligations of the entity like partners would be. Basically, an LLC combines the tax advantages of a partnership with the limited liability feature of a corporation.


An LLC is formed by filing articles of organization with the secretary of state in the same type manner that articles of incorporation are filed. The articles must contain the name, purpose, duration, registered agent, and principle office of the LLC. The name of the LLC must contain the words Limited Liability Company or LLC. An LLC is a separate legal entity like a corporation.


Management of an LLC is vested in its members. An operating agreement is executed by the members and operates much the same way a partnership agreement operates. Profits and losses are shared according to the terms of the operating agreement.

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  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act
  • Preview Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act

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FAQ

The process of starting an LLC is not as time- and money-intensive as corporations, and it features pass-through taxation. In 2014, the Florida Revised Limited Liability Company Act (FRLLCA) went into effect, and on Jan. 1, 2015, all LLCs in Florida became subject to its governance.

605.0701 Events causing dissolution. ?A limited liability company is dissolved and its activities and affairs must be wound up upon the occurrence of the following: (1) An event or circumstance that the operating agreement states causes dissolution. (2) The consent of all the members.

Florida Revised LLC Act eliminates the concept of a ?managing member.? The Act states that the change was made to eliminate the confusion and varying interpretations under current law as to the ramifications that having a managing member has on the nature of the management structure of the LLC. 608.

Every Florida LLC must file an annual report in order to continue operations. If you fail to file yours, the state will administratively dissolve your business.

After formation, there are two annual costs to maintain a Florida LLC: an annual report fee and a registered agent payment. The annual report fee for a Florida LLC is $138.75 (Florida corporations are $150) due annually between January 1st and May 1st.

You don't need an operating agreement for your Florida LLC. But even though Florida law doesn't require you to have one, the many benefits of having a strong operating agreement means creating one makes good business sense.

605.1107 Severability clause. 605.1108 Application to limited liability company formed under the Florida Limited Liability Company Act. 605.0101 Short title. ?Sections 605.0101-605.1108 may be cited as the ?Florida Revised Limited Liability Company Act.?

A managing member LLC Florida is a member of an LLC who has been assigned by other members with the task of managing the company. However, the Florida Revised Limited Liability Company Act has removed the concept of managing member. All managing member-managed LLCs are now deemed to be member-managed.

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Florida Operating Agreement for States who have Adopted the Uniform Limited Liability Act and the Revised Uniform Limited Liability Act