Happy New Year: Pre- 2014 LLCs Are Now Governed by New LLC Act

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By Laurie A. Thompson

During the 2013 legislative session, the Florida legislature adopted a complete rewrite of Florida’s limited liability company statute, which is codified in Chapter 605 of the Florida Statutes (New LLC Act). The New LLC Act be- came effective Jan. 1, 2014 for all Florida limited liability companies organized on or after that date and for all foreign limited liability companies that had previously qualified to transact business in Florida. However, the New LLC Act only became effective for previously existing LLCs Jan. 1, 2015. The one-year extension for existing LLCs was intended to give those LLCs time to get their house in order before they became subject to the provisions of the New LLC Act.