'Patching' Up The Fla. LLC Problem

Law360, New York (August 12, 2011, 11:21 AM EDT) -- On May 31, 2011, legislation designed to resolve the uncertainties created with respect to Florida limited liability companies by the Florida Supreme Court's holding in Olmstead v. Federal Trade Commission, 44 So. 3d 76 (Florida 2010) became effective. The new legislation modifies Section 608.433, Florida Statutes, and is referred to herein as the "Olmstead Patch."

The Olmstead Patch clarifies that the holding in Olmstead does not apply to Florida multimember LLCs (MMLLCs), and that the sole and exclusive remedy for a judgment creditor of a member...
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