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The Florida Senate

2014 Florida Statutes

Title XXXVI BUSINESS ORGANIZATIONS
Chapter 608 LIMITED LIABILITY COMPANIES Entire Chapter
SECTION 422
Management of the limited liability company.
F.S. 608.422
1608.422 Management of the limited liability company.—
(1) Unless otherwise provided in its articles of organization or the operating agreement, the limited liability company shall be a member-managed company.
(2) In a member-managed company, unless otherwise provided in its articles of organization or operating agreement:
(a) Management shall be vested in its members or elected managing members in proportion to the then-current percentage or other interest of members in the profits of the limited liability company owned by all of the members or elected managing members.
(b) Except as otherwise provided in subsection (3) or in this chapter, the decision of a majority-in-interest of the members or elected managing members shall be controlling.
(3) If the articles of organization or the operating agreement provide for the management of the limited liability company by a manager or managers, the management of the limited liability company shall be vested in a manager or managers and the limited liability company shall be a manager-managed company.
(4) In a manager-managed company, unless otherwise provided in its articles of organization or operating agreement:
(a) Each manager has equal rights in the management and conduct of the limited liability company’s business.
(b) Except as otherwise provided in subsection (3) or in this chapter, any matter relating to the business of the limited liability company may be exclusively decided by the manager or, if there is more than one manager, by a majority of the managers.
(c) A manager:
1. Must be designated, appointed, elected, removed, or replaced by a vote, approval, or consent of a majority-in-interest of the members; and
2. Holds office until a successor has been elected and qualified, unless the manager sooner resigns or is removed.
(5) Action requiring the consent of members or managers under this chapter may be taken without a meeting, subject to the limitations of s. 608.4231.
(6) Unless otherwise provided in the articles of organization or operating agreement, a member, managing member, or manager may appoint a proxy to vote or otherwise act for the member, managing member, or manager by signing an appointment instrument, either personally or by the member’s, managing member’s, or manager’s attorney-in-fact.
(7) Unless otherwise provided in the articles of organization or operating agreement, a member, managing member, or manager may also hold the offices and have such other responsibilities accorded to them by the members and set out in the articles of organization or the operating agreement of the limited liability company.
History.—s. 2, ch. 82-177; s. 22, ch. 93-284; s. 1, ch. 99-315; s. 10, ch. 2002-272; s. 5, ch. 2013-180.
1Note.—Repealed January 1, 2015, by s. 5, ch. 2013-180.