CS for CS for SB 1300 Summary

• Creates chapter 605, Florida Statutes, establishing the "Florida Revised Limited Liability Company Act" to replace the existing Limited Liability Company Act (chapter 608) effective January 1, 2015.

• Provides comprehensive LLC governance including member rights, manager authority, fiduciary duties, voting requirements, and standards of conduct for LLC managers and members.

• Establishes procedures for LLC formation, merger, conversion, domestication, and interest exchange transactions with detailed filing requirements and approval processes.

• Implements appraisal rights for members in specified transactions including mergers, conversions, and certain asset sales, with court procedures for determining fair value.

• Allows existing LLCs formed before January 1, 2014 to continue operating under current law until January 1, 2015, or to voluntarily elect early applicability of the new chapter.