The default statutory rules may not be appropriate in LLCs involving unrelated members or LLCs with a particular legal goal such as asset protection. LLCs without operating agreements are governed by default rules and regulations of the Florida Revised Limited Liability Company Act.

Various customized provisions that solidify the asset protection benefits provided by Florida’s LLC laws.

Outline of how the LLC winds down its business.

Responsibility and extent of authority of the LLC manager.

Transferability of LLC interests to third parties.

Voting procedures and voting requirements for LLC decisions.

Provisions for the distributions to members of LLC profit.The members’ economic interest in LLC property and profit.

The members’ duties to contribute money or services to the LLC.What Should an LLC Operating Agreement Include?Ī properly drafted Florida LLC operating agreement should include: An LLC operating agreement drafted with asset protection provisions can substantially diminish a creditor’s ability to collect or seize assets or income of the debtor’s interest in the LLC.

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