The Florida Senate

608.402  Definitions.--As used in this chapter:

(1)  "Bankrupt" means a debtor under the federal bankruptcy law or insolvent under any state insolvency act.

(2)  "Business" means every trade, occupation, or profession.

(3)  "Capital account" means the agreed value of the initial contributions as provided in s. 608.4211, increased by amounts subsequently contributed to capital and reduced by distributions of capital. Unless otherwise provided in the articles of organization or regulations, additional contributions or distributions of capital shall only be upon agreement of all the members. Unless otherwise provided in the articles of organization or the regulations, the capital account of a member shall be adjusted to reflect a default in the payment of any amount previously agreed to be contributed.

(4)  "Conveyance" means any assignment, sale, lease, mortgage, or encumbrance.

(5)  "Court" includes every court and judge having jurisdiction in the action.

(6)  "Entity" includes any corporation or foreign corporation, as such terms are defined in ¹s. 607.01401; unincorporated association; limited liability company; business trust, estate, partnership, trust, or two or more persons having a joint or common economic interest; or state, local, federal, or foreign governments.

(7)  "Individual" includes the estate of an incompetent or deceased individual.

(8)  "Limited liability company" or "company" means a limited liability company organized and existing under this chapter.

(9)  "Managing member" means, with respect to a limited liability company that has set forth in its articles of organization that it is to be managed by its members, a member appointed or elected as a managing member of the limited liability company pursuant to and in accordance with the articles of organization or regulations of the limited liability company.

(10)  "Member" means any person who has an equity interest in a limited liability company represented by a capital account.

(11)  "Person" means an individual or an entity.

(12)  "Real property" means land and any interest or estate in land.

(13)  "Regulations" means written provisions which are adopted for the management and regulation of the affairs of the limited liability company and which set forth the relationships of the members.

(14)  "Relative capital account" means, for a member, a ratio the numerator of which is the capital account of that member and the denominator of which is the total of the capital accounts of all members.

History.--s. 2, ch. 82-177; s. 53, ch. 83-216; s. 5, ch. 93-284.

¹Note.--Substituted by the editors for a reference to s. 607.0140, to conform to the transfer to s. 607.01401 pursuant to s. 137, ch. 90-179.