Page 4 - Akerman | 2016 Guide to Doing Business in Florida

3.1.1 Introduction .............................................................................................. 21
3.1.2 Formation ................................................................................................. 21
3.1.3 Organization ............................................................................................. 23
3.1.4 Capitalization ............................................................................................ 23
3.1.5 Issuance of Shares ................................................................................... 24
3.1.6 Management ............................................................................................ 24
3.1.7 Liability of Directors ................................................................................... 25
3.1.8 Actions by Directors and Shareholders ...................................................... 25
3.1.9 Distributions to Shareholders ..................................................................... 26
3.1.10 Liability of Shareholders ............................................................................ 27
3.1.11 Extraordinary Transactions ........................................................................ 27
3.1.12 Foreign Corporations ................................................................................ 27
3.1.13 Filing and Recordkeeping .......................................................................... 28
3.1.14 Taxes and Subchapter S Corporations ...................................................... 29
3.2 Florida Limited Liability Companies ......................................................................... 30
3.2.1 Introduction and Note about New LLC Law ............................................... 30
3.2.2 Formation ................................................................................................. 30
3.2.3 Management and Control: The LLC Operating Agreement ........................ 31
3.2.4 Statements of Authority and Denial ............................................................ 33
3.2.5 Limited Liability of Members and Managers................................................ 34
3.2.6 Remedies of Member Creditors: The “Olmstead Patch” ............................ 34
3.2.7 Capitalization and Distributions .................................................................. 34
3.2.8 Recordkeeping and State Reports ............................................................ 35
3.2.9 Taxation of LLCs ....................................................................................... 35
3.3 Florida Partnerships ............................................................................................... 35

3.3.1 Introduction .............................................................................................. 35
3.3.2 General Partnerships ................................................................................ 36
3.3.3 Limited Partnerships ................................................................................. 39
3.3.4 Limited Liability Partnerships ...................................................................... 42
3.3.5 Limited Liability Limited Partnerships .......................................................... 42

3.4 Florida Sole Proprietorships .................................................................................... 43
3.4.1 Introduction .............................................................................................. 43
3.4.2 Advantages and disadvantages ................................................................ 43
3.5 Florida Joint Ventures ............................................................................................. 43
3.6 Florida Not For Profit Corporations .......................................................................... 43
3.6.1 Introduction .............................................................................................. 43
3.6.2 Advantages and Disadvantages ................................................................ 44
3.6.3 Formation ................................................................................................. 44
3.6.4 Management and Control ......................................................................... 45
3.6.5 Liability of Members, Directors and Officers ............................................... 45
3.6.6 Mergers, Acquisitions and Dissolution ....................................................... 46
3.6.7 Recordkeeping and State Reports ............................................................ 47
3.6.8 Insurance ................................................................................................. 47
3.6.9 Tax Exempt Status.................................................................................... 48
3.7 Florida Benefit and Social Purpose Corporations ..................................................... 48

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