The Florida Senate

608.432  Transferability of member's interest.--

(1)  Unless otherwise provided in the articles of organization or the regulations:

(a)  A member's interest in a limited liability company is not assignable in whole or in part, unless a majority of the nonassigning members consent to the assignment.

(b)  An assignment of a member's interest in a limited liability company does not dissolve a limited liability company or entitle the assignee to become or to exercise any rights or powers of a member.

(c)  An assignment entitles the assignee to share in the profits and losses of the limited liability company, to receive such distribution or distributions, and to receive such allocation of income, gain, loss deduction, or credit or similar item to which the assignor was entitled, to the extent assigned.

(d)  A member ceases to be a member and ceases to have the power to exercise any rights or powers of a member upon assignment of his or her entire interest in the limited liability company.

(2)  The articles of organization or the regulations may provide that a member's interest in the limited liability company may be evidenced by a certificate of limited liability company interest issued by the limited liability company and may also provide for the assignment or transfer of any limited liability company interest represented by such a certificate and make other provisions with respect to such certificates.

History.--s. 2, ch. 82-177; s. 33, ch. 93-284; s. 55, ch. 97-102.