FL S0554

Repeals chapter 608 (Florida Limited Liability Company Act) and consolidates limited liability company law under chapter 605, effective upon the act becoming law.

Modifies fiduciary duties by allowing operating agreements to alter, expand, or eliminate fiduciary duties (except for certain prohibited indemnifications) and changes duty of loyalty language from "limited to" to "includes" to permit broader interpretations.

Requires that limitations on authority to transfer real property held by a limited liability company must be recorded in an affidavit, certificate, or other instrument in the real property recording office to be binding on non-members.

Expands requirements for reinstatement of administratively dissolved or revoked limited liability companies to include detailed application information (company name, address, federal employer identification number, management authority) signed by registered agent and authorized representative.

Makes conforming amendments to chapters 15, 48, 213, 220, 310, 440, 605, 606, 607, 621, 636, 655, 658, 694, and 1002 to remove references to repealed chapter 608 and update cross-references to chapter 605.