When your Florida limited liability company (LLC) was first formed, certain issues and conditions may have been in place that are no longer applicable. Business is a dynamic area that requires adaptability. When circumstances shift, an LLC may need to alter its practices and features to meet the entity’s needs. By making changes to your Florida LLC, you can help ensure that your enterprise is well-equipped to manage and attend to its present requirements.
Amending Your Florida LLC Operating Agreement and Articles of Organization
When an LLC is formed, members will file Articles of Organization with the Florida Division of Corporations. If an LLC changes the information contained in these articles, members will need to file Articles of Amendment to the Articles of Organization.
In Florida, LLCs have the option of using a governance document referred to as an operating agreement. Florida LLCs don’t have to use operating agreements. However, many elect to do so because of the benefits they confer. An LLC’s operating agreement usually covers multiple aspects of running and managing the enterprise. When an LLC makes a change that is implicated in the operating agreement, the agreement may need to be updated. These may include changes to areas such as management, membership, distributions, profits, losses, and member rights and obligations. Your LLC’s operating agreement should be amended to include terms that reflect your enterprise’s current status and requirements.
Making LLC Management Changes
Depending on your LLC’s needs, the entity may be managed by members or non-member management. Over time, managers may need to leave or change organizational roles. Determining how and when to remove, substitute, or add LLC management can be a complicated decision that is best made with the advice of counsel. If you plan on making LLC management changes, you should contact an experienced Florida business law attorney to discuss your options.
LLC Member Withdrawal and Additions
Members may need to leave or withdraw their interests in an LLC. In addition, interests may be transferred, requiring the addition of new members. When there are LLC membership changes, it can impact other aspects of the business. In addition, the LLC’s operating agreement may need to be amended to provide for membership variations.
Making changes to a Florida LLC may be necessary and beneficial to a company. However, it’s important to consider that making changes in one area often impacts other aspects of the enterprise. Further, members may need to consider making changes that comport with the LLC’s new circumstances.
If you are considering making changes to your Florida LLC, you should consult with an experienced Florida business attorney to discuss your proposed modifications. You and your Florida business lawyer can examine your enterprise’s current and prospective needs and identify ways to support your LLC’s growth and success.
At the Florida Small Business Center, we provide a wide range of legal services for Florida LLCs. We understand what it takes to build and maintain a thriving business and are ready to provide you with the advice and services you and your LLC need!
Contact an Experienced Florida Business Lawyer
Attorney Richard Sierra at the Florida Small Business Legal Center assists clients like you with commercial leasing, business, and litigation matters. As always, Our Goal Is to Help You Succeed™. For an appointment, you may call us at 1-866-842-5202 or use the contact form on our website. We represent clients throughout the State of Florida, including Coral Springs, Coconut Creek, Boca Raton, Delray Beach, Pompano Beach, Sunrise, Fort Lauderdale, Miami, West Palm Beach, Jupiter, Deerfield Beach, Stuart, Port St. Lucie, Orlando, Naples, Fort Myers, Sarasota, Tampa, and surrounding communities.