The bill amends various sections of the Florida Statutes to establish a clear legal framework for limited liability companies (LLCs) and their protected series. It introduces definitions for terms such as "registered foreign protected series of a foreign series limited liability company" and "registered foreign series limited liability company," while also specifying that certain LLCs may be considered nonresidents under specific circumstances. The bill outlines procedures for serving legal documents on these entities, ensuring that such service acts as notice to relevant parties. Additionally, it revises requirements for certificates of status and mandates that specific information be included in annual reports for series limited liability companies and registered foreign series limited liability companies.

Furthermore, the bill creates new sections detailing the establishment, operation, and management of protected series within series LLCs. It defines key terms, clarifies the separation of liabilities between protected series and their parent LLCs, and outlines the powers and limitations of protected series, including their ability to sue and be sued. The bill also addresses the dissolution of protected series, the implications of mergers, and the applicability of laws governing foreign series LLCs. Overall, the legislation aims to enhance the regulatory framework surrounding series LLCs and their protected series in Florida, promoting transparency, accountability, and legal clarity in their operations.

Statutes affected:
S 316 Filed: 605.0103, 605.0117
S 316 c1: 605.0103, 605.0117
S 316 er: 605.0103, 605.0117