(BNA Estates, Gifts and Trusts Journal, Volume 35, Page 227, September 9, 2010)
This article explains the opinion issued by the Florida Supreme Court in Shaun Olmstead, et. al. v. Federal Trade Commission, 2010 WL 2518106 (Fla.), which interpreted Section 608.433, Fla. Stats., as not limiting the remedies of a judgment creditor of the sole member of a Florida limited liability company to a charging order. In dicta, the dissenting opinion suggested that its ruling could also apply to multi-member LLCs created under Florida law. This article also provides planning advice to consider while clients wait for the Florida legislature to modify Section 608.433, Fla. Stats., to make it more consistent with the exclusive remedy statute for Florida limited partnerships and limited liability limited partnerships under Section 620.1703, Fla. Stats.