FL H0531

Repeals chapter 608 (Florida Limited Liability Company Act) and implements comprehensive reforms to chapter 605 governing limited liability companies.

Removes prohibition on operating agreements varying the power to dissociate and authorizes agreements to alter, expand, or eliminate fiduciary duties if not manifestly unreasonable.

Requires non-members to receive notice of real property transfer limitations only through recorded affidavits, certificates, or other recorded instruments, not merely through articles of organization.

Modifies member voting and information rights, duty of loyalty standards, and conditions for member expulsion based on material breach of operating agreement.

Provides retroactive applicability to January 1, 2015 for conforming amendments across multiple statutes and establishes July 1, 2015 as the general effective date.