Posted on June 24, 2010 by Jonathan Alper

Florida Supreme Court Issues Single Member LLC Ruling: Finds Creditors Not Limited To Charging Lien Remedy Against A Single Member LLC

The Florida Supreme Court held today that Florida's LLC laws do not provide asset protection to a single-member limited liability company. The ruling was 3-2 with a strong and lengthly dissent.

The Court concluded,

"Section 608.433(4) does not displace the creditor's remedy available under Secion 56.061 with repsect to a debtor's ownership interest in a single-member LLC. Answering the rephrased certified question in the affirmative, we hold that a court may order a judgment debtor to surrender all right, title, and interest in the debtor's single-member LLC to satisfy an outstanding judgment"

I have not read the complete opinion, and I'll comment further after having done so.

 

 

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