Changes Regarding Liability, Statement of Authority, and More in Florida’s New LLC Act from a Fort Lauderdale Business Acquisition & Sales Attorney

If you have an LLC in the state of Florida or will be registering one this year or in the future, you have probably heard about the numerous changes in Florida’s New LLC Act. Consult an experienced Fort Lauderdale business acquisition & sales attorney at Schecter Law today to learn more about how these changes will affect you and your business.

Changes in Member and Manager Liability for Inaccurately Filed Information

The New LLC Act requires members of member-managed LLCs (or managers of manager-managed LLCs) to maintain accurate information in the LLC’s articles of organization. This requirement is for LLCs registered in Florida as well as LLCs registered outside of Florida that are authorized to transact business in the state.

Incorrect information must be updated, and in some circumstances incorrect information may lead to liability for managers or members if a third party has financial losses due to reliance on any inaccurate information. It is strongly suggested to contact a knowledgeable Fort Lauderdale business acquisition & sales attorney for advice regarding inaccurately filed information if you believe this statute may affect your LLC.

Statement of Authority in the New LLC Act

The Statement of Authority change gives an LLC a new method for providing notice to third parties regarding the authority of a position in the LLC. The Statement of Authority is used to clear up any confusion about the parties allowed to bind an LLE, and each Statement of Authority is valid for a period of five years. There are a number of provisions and issues related to this provision that should be discussed with your Fort Lauderdale business acquisition & sales attorney before filing a Statement of Authority document.

A Statement of Authority document may be invalidated several ways. For instance, a third party may file a Statement of Denial if they are named in a Statement of Authority, and deny the grant of authority. If you have any questions on how the new Statement of Authority rules may apply to your LLC, it is recommended that you contact an experienced Fort Lauderdale business acquisition & sales attorney.

Contact a Fort Lauderdale Business Acquisition & Sales Attorney Today

With the New LLC Act, Florida LLCs have many more rules, regulations, conditions, and options today than ever before. Mark Schecter at Schecter Law is an experienced Fort Lauderdale business acquisition & sales attorney  who can explain the new provisions and how they apply to your LLC to you today.