Florida 2023 Regular Session

Florida House Bill H1345 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
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3	3	HB 1345 2023
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7	7	CODING: Words stricken are deletions; words underlined are additions.
8	8	hb1345-00
9	9	Page 1 of 64
10	10	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
11	11
12	12
13	13
14	14	A bill to be entitled 1
15	15	An act relating to limited liability companies; 2
16	16	creating s. 605.2101, F.S.; providing a short title; 3
17	17	creating s. 605.2102, F.S.; defining terms; creating 4
18	18	s. 605.2103, F.S.; providing that a protected series 5
19	19	of a series limited liability company is a person 6
20	20	distinct from certain other entities; creating s. 7
21	21	605.2104, F.S.; providing for powers and prohibitions 8
22	22	for protected series of series limited liability 9
23	23	companies; creating s. 605.2105, F.S.; providing 10
24	24	construction; creating s. 605.2106, F.S.; specifying 11
25	25	what the operating agreement of a series limited 12
26	26	liability company governs; providing applicability; 13
27	27	creating s. 605.2107, F.S.; providing prohibitions and 14
28	28	authorizations relating to operating agreements; 15
29	29	creating s. 605.2108, F.S.; providing applicability ; 16
30	30	creating s. 605.2201, F.S.; authorizing series limited 17
31	31	liability companies to establish protected series; 18
32	32	providing requirements for establishing protected 19
33	33	series and amending protected series designations; 20
34	34	creating s. 605.2202, F.S.; providing requireme nts for 21
35	35	naming a protected series; creating s. 605.2203, F.S.; 22
36	36	providing specifications and requirements for the 23
37	37	registered agent for a protected series; providing 24
38	38	requirements relating to protected series 25
39	39
40	40	HB 1345 2023
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42	42
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44	44	CODING: Words stricken are deletions; words underlined are additions.
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47	47	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
48	48
49	49
50	50
51	51	designations; specifying that a registered agent i s 26
52	52	not required to distinguish between certain processes, 27
53	53	notices, demands, and records unless otherwise agreed 28
54	54	upon; creating s. 605.2204, F.S.; authorizing a 29
55	55	protected series to be served in a specified manner; 30
56	56	specifying that certain services are notice to each 31
57	57	protected series; providing certain notice is 32
58	58	effective regardless of whether the summons and 33
59	59	complaint identify a person if certain requirements 34
60	60	are met; providing authorizations relating to certain 35
61	61	services and notices; providing construction; cr eating 36
62	62	s. 605.2205, F.S.; requiring the Department of State 37
63	63	to issue a certificate of status or certificate of 38
64	64	registration under certain circumstances; providing 39
65	65	requirements for such certificates; providing that 40
66	66	such certificates may be relied upon as co nclusive 41
67	67	evidence of the facts stated in the certificate; 42
68	68	creating s. 605.2206, F.S.; requiring series limited 43
69	69	liability companies to include specified information 44
70	70	in an annual report; specifying that failure to 45
71	71	include such information prevents a certific ate of 46
72	72	status from being issued; creating s. 605.2301, F.S.; 47
73	73	specifying that only certain assets may be associated 48
74	74	assets; providing requirements for an asset to be 49
75	75	considered an associated asset; authorizing certain 50
76	76
77	77	HB 1345 2023
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79	79
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81	81	CODING: Words stricken are deletions; words underlined are additions.
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84	84	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
85	85
86	86
87	87
88	88	records and recordkeeping to be organiz ed in a 51
89	89	specified manner; authorizing series limited liability 52
90	90	companies or protected series of a company to hold an 53
91	91	associated asset in a specified manner; providing 54
92	92	exceptions; creating s. 605.2302, F.S.; providing 55
93	93	requirements for becoming an associated member of a 56
94	94	protected series; creating s. 605.2303, F.S.; 57
95	95	requiring that protected -series transferable interests 58
96	96	be initially owned by an associated member or a series 59
97	97	limited liability company; providing that a company 60
98	98	owns such interest under certain ci rcumstances; 61
99	99	authorizing series limited liability companies to 62
100	100	acquire such interests through a transfer; providing 63
101	101	applicability; creating s. 605.2304, F.S.; authorizing 64
102	102	protected series to have more than one protected -65
103	103	series manager; specifying that if a protected series 66
104	104	does not have associated members, the series limited 67
105	105	liability company is the protected -series manager; 68
106	106	providing applicability; specifying that a person does 69
107	107	not owe a duty to specified entities for certain 70
108	108	reasons; providing rights of a ssociated members; 71
109	109	providing applicability; specifying that an associated 72
110	110	member of a protected series is an agent for the 73
111	111	protected series and has a specified power; creating 74
112	112	s. 605.2305, F.S.; providing rights for certain 75
113	113
114	114	HB 1345 2023
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121	121	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
122	122
123	123
124	124
125	125	persons relating to protected se ries; providing 76
126	126	applicability; creating s. 605.2401, F.S.; providing 77
127	127	limitations on liability for certain persons; creating 78
128	128	s. 605.2402, F.S.; specifying that certain claims are 79
129	129	governed by certain provisions; specifying that the 80
130	130	failure of limited liabili ty companies or protected 81
131	131	series to observe certain formalities is not a ground 82
132	132	to disregard a specified limitation; providing 83
133	133	applicability; creating s. 605.2403, F.S.; specifying 84
134	134	that certain provisions relating to the provision or 85
135	135	restriction of remedie s apply to judgment creditors; 86
136	136	creating s. 605.2404, F.S.; defining the terms 87
137	137	"enforcement date" and "incurrence date"; authorizing 88
138	138	certain judgments to be enforced in accordance with 89
139	139	specified provisions; authorizing courts to provide a 90
140	140	specified prejudgment remedy; providing that a party 91
141	141	making a certain assertion has the burden of proof in 92
142	142	specified proceedings; providing applicability; 93
143	143	creating s. 605.2501, F.S.; providing specifications 94
144	144	for the dissolution of series limited liability 95
145	145	companies; creating s. 605.2502, F.S.; providing 96
146	146	requirements and authorizations relating to dissolved 97
147	147	protected series; specifying that a series limited 98
148	148	liability company has not completed winding up until 99
149	149	each of the protected series of the company has 100
150	150
151	151	HB 1345 2023
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153	153
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158	158	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
159	159
160	160
161	161
162	162	completed winding up; creating s. 605.2503, F.S.; 101
163	163	providing for the effect of reinstatements of series 102
164	164	limited liability companies and revocations of 103
165	165	voluntary dissolutions; creating s. 605.2601, F.S.; 104
166	166	defining terms; creating s. 605.2602, F.S.; providing 105
167	167	prohibitions for protected series relating to 106
168	168	conversions, domestications, interest exchanges, and 107
169	169	mergers or similar transactions; creating s. 605.2603, 108
170	170	F.S.; prohibiting series limited liability companies 109
171	171	from involvement in certain transactions; creating s. 110
172	172	605.2604, F.S.; authorizing series limited liability 111
173	173	companies to be a party to a merger under certain 112
174	174	circumstances; creating s. 605.2605, F.S.; requiring 113
175	175	plans of merger to meet certain requirements; creating 114
176	176	s. 605.2606, F.S.; requiring articles of merger to 115
177	177	meet certain requirements; creating s. 605.2607, F.S.; 116
178	178	providing for effects of mergers of protected series; 117
179	179	creating s. 605.2608, F.S.; providing applicability of 118
180	180	certain provisions after a merger; creating s. 119
181	181	605.2701, F.S.; providing for the governance of the 120
182	182	law of the jurisdiction of formation of a foreign 121
183	183	series limited liability company; creating s. 122
184	184	605.2702, F.S.; providing requirements for making a 123
185	185	specified determination relating to certain companies 124
186	186	transacting business in this state or being subject to 125
187	187
188	188	HB 1345 2023
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190	190
191	191
192	192	CODING: Words stricken are deletions; words underlined are additions.
193	193	hb1345-00
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195	195	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
196	196
197	197
198	198
199	199	the personal jurisdiction of courts in this state; 126
200	200	creating s. 605.2703, F.S.; providing applicability of 127
201	201	laws relating to registration of foreign series 128
202	202	limited liability companies; creating s. 605.2704, 129
203	203	F.S.; requiring foreign series limited liability 130
204	204	companies and foreign protected series of such foreign 131
205	205	series limited liability companies to make specified 132
206	206	disclosures; tolling such requirements under certain 133
207	207	circumstances; authorizing parties to make a specified 134
208	208	request or bring a separate proceeding if such company 135
209	209	or series fails to make the disclosures; creating s. 136
210	210	605.2801, F.S.; providing applicability of provisions 137
211	211	relating to electronic signatures; creating s. 138
212	212	605.2802, F.S.; providing construction and 139
213	213	applicability; amending s. 605.0103, F.S.; cor recting 140
214	214	a cross-reference; providing effective dates. 141
215	215	142
216	216	Be It Enacted by the Legislature of the State of Florida: 143
217	217	144
218	218	Section 1. Section 605.2101, Florida Statutes, is created 145
219	219	to read: 146
220	220	605.2101 Short title. —Sections 605.2101-605.2802 may be 147
221	221	cited as the "Uniform Protected Series Provisions." 148
222	222	Section 2. Section 605.2102, Florida Statutes, is created 149
223	223	to read: 150
224	224
225	225	HB 1345 2023
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227	227
228	228
229	229	CODING: Words stricken are deletions; words underlined are additions.
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232	232	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
233	233
234	234
235	235
236	236	605.2102 Definitions. —As used in ss. 605.2101 -605.2802, 151
237	237	the term: 152
238	238	(1) "Asset" means property: 153
239	239	(a) In which a series limited liability co mpany or a 154
240	240	protected series has rights; or 155
241	241	(b) As to which the series limited liability company or 156
242	242	protected series has the power to transfer rights. 157
243	243	(2) "Associated asset" means an asset that meets the 158
244	244	requirements of s. 605.2301. 159
245	245	(3) "Associated member" means a member that meets the 160
246	246	requirements of s. 605.2302. 161
247	247	(4) "Foreign protected series" means an arrangement, 162
248	248	configuration, or other structure established by a foreign 163
249	249	limited liability company which has attributes comparable to a 164
250	250	protected series established under this chapter, regardless of 165
251	251	whether the law under which the foreign company is organized 166
252	252	refers to "series" or "protected series." 167
253	253	(5) "Foreign series limited liability company" means a 168
254	254	foreign limited liability company that has at l east one foreign 169
255	255	series or protected series. 170
256	256	(6) "Non-associated asset" means: 171
257	257	(a) An asset of a series limited liability company which 172
258	258	is not an associated asset of the company; or 173
259	259	(b) An asset of a protected series of the series limited 174
260	260	liability company which is not an associated asset of the 175
261	261
262	262	HB 1345 2023
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264	264
265	265
266	266	CODING: Words stricken are deletions; words underlined are additions.
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269	269	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
270	270
271	271
272	272
273	273	protected series. 176
274	274	(7) "Person" has the same meaning as in s. 605.0102 and 177
275	275	includes a protected series and a foreign protected series. 178
276	276	(8) "Protected series," except in the phrase "foreign 179
277	277	protected series," means a protected series established under s. 180
278	278	605.2201. 181
279	279	(9) "Protected-series manager" means a person under whose 182
280	280	authority the powers of a protected series are exercised and 183
281	281	under whose direction the activities and affairs of the 184
282	282	protected series are managed under the operating agreement and 185
283	283	this chapter. 186
284	284	(10) "Protected-series transferable interest" means a 187
285	285	right to receive a distribution from a protected series. 188
286	286	(11) "Protected-series transferee" means a person to which 189
287	287	all or part of a protected -series transferable interest of a 190
288	288	protected series of a series limited liability company has been 191
289	289	transferred, other than the series limited liability company. 192
290	290	The term includes a person that owns a protected -series 193
291	291	transferable interest as a result of ceasing to be an associated 194
292	292	member of a protected series. 195
293	293	(12) "Series limited liability company," except in the 196
294	294	phrase "foreign series limited liability company," means a 197
295	295	limited liability company that has at least one protected 198
296	296	series. 199
297	297	Section 3. Section 605.2103, Florida Statutes, is created 200
298	298
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306	306	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
307	307
308	308
309	309
310	310	to read: 201
311	311	605.2103 Nature of protected status. —A protected series of 202
312	312	a series limited liability company is a person distinct from all 203
313	313	of the following: 204
314	314	(1) The series limited liability company, subject to ss. 205
315	315	605.2104(1), 605.2501(1), and 605.2502(4). 206
316	316	(2) Another protected series of the series limited 207
317	317	liability company. 208
318	318	(3) A member of the series limited liability company, 209
319	319	regardless of whether the member is an associated member of the 210
320	320	protected series of the series limited liability company. 211
321	321	(4) A protected-series transferee of a protected series of 212
322	322	the series limited liability company. 213
323	323	(5) A transferee of a transferable interest of th e series 214
324	324	limited liability company. 215
325	325	Section 4. Section 605.2104, Florida Statutes, is created 216
326	326	to read: 217
327	327	605.2104 Powers and duration of protected series. — 218
328	328	(1) A protected series of a series limited liability 219
329	329	company has the capacity to sue and be su ed in its own name. 220
330	330	(2) Except as otherwise provided in subsections (3) and 221
331	331	(4), a protected series of a series limited liability company 222
332	332	has the same powers and purposes as the series limited liability 223
333	333	company. 224
334	334	(3) A protected series of a series limit ed liability 225
335	335
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343	343	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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345	345
346	346
347	347	company ceases to exist not later than when the series limited 226
348	348	liability company completes its winding up. 227
349	349	(4) A protected series of a series limited liability 228
350	350	company may not: 229
351	351	(a) Be a member of the series limited liability company; 230
352	352	(b) Establish a protected series; or 231
353	353	(c) Except as authorized by law of this state other than 232
354	354	this chapter, have a purpose or power, or take an action, that 233
355	355	the law of this state other than this chapter prohibits a 234
356	356	limited liability company from having or t aking. 235
357	357	Section 5. Section 605.2105, Florida Statutes, is created 236
358	358	to read: 237
359	359	605.2105 Protected series governing law. —The law of this 238
360	360	state governs all of the following: 239
361	361	(1) The internal affairs of a protected series of a series 240
362	362	limited liability comp any, including: 241
363	363	(a) Relations among any associated members of the 242
364	364	protected series; 243
365	365	(b) Relations among the protected series and: 244
366	366	1. Any associated member; 245
367	367	2. Any protected-series manager; or 246
368	368	3. Any protected-series transferee; 247
369	369	(c) Relations between any associated member and: 248
370	370	1. Any protected-series manager; or 249
371	371	2. Any protected-series transferee; 250
372	372
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380	380	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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382	382
383	383
384	384	(d) The rights and duties of a protected -series manager; 251
385	385	(e) Governance decisions affecting the activities and 252
386	386	affairs of the protected serie s and the conduct of those 253
387	387	activities and affairs; and 254
388	388	(f) Procedures and conditions for becoming an associated 255
389	389	member or protected-series transferee. 256
390	390	(2) The relations between a protected series of a series 257
391	391	limited liability company and each of the fo llowing: 258
392	392	(a) The series limited liability company; 259
393	393	(b) Another protected series of the series limited 260
394	394	liability company; 261
395	395	(c) A member of the series limited liability company which 262
396	396	is not an associated member of the protected series of the 263
397	397	series limited liability company; 264
398	398	(d) A protected-series manager that is not a protected -265
399	399	series manager of the protected series; and 266
400	400	(e) A protected-series transferee that is not a protected -267
401	401	series transferee of the protected series. 268
402	402	(3) The liability of a pers on for a debt, obligation, or 269
403	403	other liability of a protected series of a series limited 270
404	404	liability company if the debt, obligation, or liability is 271
405	405	asserted solely by reason of the person being or acting as: 272
406	406	(a) An associated member, protected -series transferee, or 273
407	407	protected-series manager of the protected series; 274
408	408	(b) A member of the series limited liability company which 275
409	409
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417	417	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
418	418
419	419
420	420
421	421	is not an associated member of the protected series; 276
422	422	(c) A protected-series manager that is not a protected -277
423	423	series manager of the pr otected series; 278
424	424	(d) A protected-series transferee that is not a protected -279
425	425	series transferee of the protected series; 280
426	426	(e) A manager of the series limited liability company; or 281
427	427	(f) A transferee of a transferable interest of the series 282
428	428	limited liability company. 283
429	429	(4) The liability of a series limited liability company 284
430	430	for a debt, obligation, or other liability of a protected series 285
431	431	of the series limited liability company if the debt, obligation, 286
432	432	or liability is asserted solely by reason of the series li mited 287
433	433	liability company: 288
434	434	(a) Having delivered to the department for filing under s. 289
435	435	605.2201(2) a protected series designation pertaining to the 290
436	436	protected series or under s. 605.2201(4) or s. 605.2202(3) a 291
437	437	statement of designation change pertaining to th e protected 292
438	438	series; 293
439	439	(b) Being or acting as a protected -series manager of the 294
440	440	protected series; 295
441	441	(c) Having the protected series be or act as a manager of 296
442	442	the series limited liability company; or 297
443	443	(d) Owning a protected -series transferable interest of t he 298
444	444	protected series. 299
445	445	(5) The liability of a protected series of a series 300
446	446
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454	454	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
455	455
456	456
457	457
458	458	limited liability company for a debt, obligation, or other 301
459	459	liability of the series limited liability company or of another 302
460	460	protected series of the series limited liability company i f the 303
461	461	debt, obligation, or liability is asserted solely by reason of: 304
462	462	(a) The protected series: 305
463	463	1. Being a protected series of the series limited 306
464	464	liability company or having as a protected -series manager the 307
465	465	series limited liability company or another protected series of 308
466	466	the series limited liability company; or 309
467	467	2. Being or acting as a protected -series manager of 310
468	468	another protected series of the series limited liability company 311
469	469	or a manager of the series limited liability company; or 312
470	470	(b) The series limited liability company owning a 313
471	471	protected-series transferable interest of the protected series. 314
472	472	Section 6. Section 605.2106, Florida Statutes, is created 315
473	473	to read: 316
474	474	605.2106 Relation of operating agreement and the protected 317
475	475	series provisions of this chapter.— 318
476	476	(1) Except as otherwise provided in this section, and 319
477	477	subject to ss. 605.2107 and 605.2108, the operating agreement of 320
478	478	a series limited liability company governs: 321
479	479	(a) The internal affairs of a protected series, including: 322
480	480	1. Relations among any associated members of the protected 323
481	481	series; 324
482	482	2. Relations among the protected series and: 325
483	483
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491	491	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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493	493
494	494
495	495	a. Any associated member of the protected series; 326
496	496	b. Any protected-series manager; or 327
497	497	c. Any protected-series transferee; 328
498	498	3. Relations between any asso ciated member and: 329
499	499	a. Any protected-series manager; or 330
500	500	b. Any protected-series transferee; 331
501	501	4. The rights and duties of a protected -series manager; 332
502	502	5. Governance decisions affecting the activities and 333
503	503	affairs of the protected series and the conduct of those 334
504	504	activities and affairs; and 335
505	505	6. Procedures and conditions for becoming an associated 336
506	506	member or protected-series transferee. 337
507	507	(b) Relations between a protected series of the series 338
508	508	limited liability company and each of the following: 339
509	509	1. The series limited liability company; 340
510	510	2. Another protected series of the series limited 341
511	511	liability company; 342
512	512	3. The protected series, any of its protected -series 343
513	513	managers, any associated member of the protected series, or any 344
514	514	protected-series transferee of t he protected series; and 345
515	515	4. A person in the person's capacity as: 346
516	516	a. A member of the series limited liability company which 347
517	517	is not an associated member of the protected series; 348
518	518	b. A protected-series transferee or protected -series 349
519	519	manager of another p rotected series; or 350
520	520
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528	528	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
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530	530
531	531
532	532	c. A transferee of the series limited liability company. 351
533	533	(2) If this chapter restricts the power of an operating 352
534	534	agreement to affect a matter, the restriction applies to a 353
535	535	matter under ss. 605.2101 -605.2802 in accordance with s. 354
536	536	605.0105. 355
537	537	(3) If a law of this state other than this chapter imposes 356
538	538	a prohibition, limitation, requirement, condition, obligation, 357
539	539	liability, or other restriction on a limited liability company; 358
540	540	a member, manager, or other agent of a limited liability 359
541	541	company; or a transferee of a limited liability company, except 360
542	542	as otherwise provided in the law of this state other than this 361
543	543	chapter, the restriction applies in accordance with s. 605.2108. 362
544	544	(4) Except as otherwise provided in s. 605.2107, if the 363
545	545	operating agreement of a series limited liability company does 364
546	546	not provide for a matter described in subsection (1) in a manner 365
547	547	authorized by ss. 605.2101 -605.2802, the matter is determined in 366
548	548	accordance with the following: 367
549	549	(a) To the extent ss. 605.2101 -605.2802 address the 368
550	550	matter, ss. 605.2101 -605.2802 govern. 369
551	551	(b) To the extent ss. 605.2101 -605.2802 do not address the 370
552	552	matter, this chapter governs the matter in accordance with s. 371
553	553	605.2108. 372
554	554	Section 7. Section 605.2107, Florida Statutes, is created 373
555	555	to read: 374
556	556	605.2107 Additional limitations on operating agreements. — 375
557	557
558	558	HB 1345 2023
559	559
560	560
561	561
562	562	CODING: Words stricken are deletions; words underlined are additions.
563	563	hb1345-00
564	564	Page 16 of 64
565	565	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
566	566
567	567
568	568
569	569	(1) An operating agreement may not vary the effect of: 376
570	570	(a) This section; 377
571	571	(b) Section 605.2103; 378
572	572	(c) Section 605.2104(1); 379
573	573	(d) Section 605.2104(2) to provide a protected series a 380
574	574	power beyond the powers this chapter provides a limited 381
575	575	liability company; 382
576	576	(e) Section 605.2104(3) or (4); 383
577	577	(f) Section 605.2105; 384
578	578	(g) Section 605.2106; 385
579	579	(h) Section 605.2108; 386
580	580	(i) Section 605.2201, except to vary the manner in which a 387
581	581	series limited liability company approves establishing a 388
582	582	protected series; 389
583	583	(j) Section 605.2202; 390
584	584	(k) Section 605.2301; 391
585	585	(l) Section 605.2302; 392
586	586	(m) Section 605.2303(1) or (2); 393
587	587	(n) Section 605.2304(3) or (6); 394
588	588	(o) Section 605.2401, except to decrease or eliminate a 395
589	589	limitation of liability stated in that section; 396
590	590	(p) Section 605.2402; 397
591	591	(q) Section 605.2403; 398
592	592	(r) Section 605.2404; 399
593	593	(s) Section 605.2501(1), (4), and (5); 400
594	594
595	595	HB 1345 2023
596	596
597	597
598	598
599	599	CODING: Words stricken are deletions; words underlined are additions.
600	600	hb1345-00
601	601	Page 17 of 64
602	602	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
603	603
604	604
605	605
606	606	(t) Section 605.2502, except to designate a different 401
607	607	person to manage winding up; 402
608	608	(u) Section 605.2503; 403
609	609	(v) Sections 605.2601 -605.2608; 404
610	610	(w) Sections 605.2701 -605.2704; 405
611	611	(x) Sections 605.2801 -605.2802, except to vary: 406
612	612	1. The manner in which a series limited liability company 407
613	613	may elect under s. 605.2802(1)(b) to be subject to this chapter; 408
614	614	or 409
615	615	2. The person that has the right to sign and deliver to 410
616	616	the department for filing a record under s. 605.2802(2)(b); or 411
617	617	(y) A provision of this chapter pertaining to: 412
618	618	1. A registered office or registered agents; or 413
619	619	2. The department, including provision s relating to 414
620	620	records authorized or required to be delivered to the department 415
621	621	for filing under this chapter. 416
622	622	(2) An operating agreement may not unreasonably restrict 417
623	623	the duties and rights under s. 605.2305 but may impose 418
624	624	reasonable restrictions on the a vailability and use of 419
625	625	information obtained under s. 605.2305 and may provide 420
626	626	appropriate remedies, including liquidated damages, for a breach 421
627	627	of any reasonable restriction on use. 422
628	628	Section 8. Section 605.2108, Florida Statutes, is created 423
629	629	to read: 424
630	630	605.2108 Application of this chapter to specified 425
631	631
632	632	HB 1345 2023
633	633
634	634
635	635
636	636	CODING: Words stricken are deletions; words underlined are additions.
637	637	hb1345-00
638	638	Page 18 of 64
639	639	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
640	640
641	641
642	642
643	643	provisions of protected series. — 426
644	644	(1) Except as otherwise provided in subsection (2) and s. 427
645	645	605.2107, the following apply in applying ss. 605.2106, 428
646	646	605.2304(3) and (6), 605.2501(4)(a), 605.2502(1), and 429
647	647	605.2503(2): 430
648	648	(a) A protected series of a series limited liability 431
649	649	company is deemed to be a limited liability company that is 432
650	650	formed separately from the series limited liability company and 433
651	651	is distinct from the series limited liability company and any 434
652	652	other protected series of the series limited liability company. 435
653	653	(b) An associated member of the protected series of a 436
654	654	series limited liability company is deemed to be a member of the 437
655	655	series limited liability company deemed to exist under paragraph 438
656	656	(a). 439
657	657	(c) A protected-series transferee of the protected series 440
658	658	is deemed to be a transferee of the series limited liability 441
659	659	company deemed to exist under paragraph (a). 442
660	660	(d) A protected-series transferable interest of the 443
661	661	protected series is deemed to be a tran sferable interest of the 444
662	662	series limited liability company deemed to exist under paragraph 445
663	663	(a). 446
664	664	(e) A protected-series manager is deemed to be a manager 447
665	665	of the series limited liability company deemed to exist under 448
666	666	paragraph (a). 449
667	667	(f) An asset of the pro tected series is deemed to be an 450
668	668
669	669	HB 1345 2023
670	670
671	671
672	672
673	673	CODING: Words stricken are deletions; words underlined are additions.
674	674	hb1345-00
675	675	Page 19 of 64
676	676	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
677	677
678	678
679	679
680	680	asset of the series limited liability company deemed to exist 451
681	681	under paragraph (a), regardless of whether the asset is an 452
682	682	associated asset of the protected series. 453
683	683	(g) Any creditor or other obligee of the protected series 454
684	684	is deemed to be a creditor or obligee of the series limited 455
685	685	liability company deemed to exist under paragraph (a). 456
686	686	(2) Subsection (1) does not apply if its application 457
687	687	would: 458
688	688	(a) Contravene s. 605.0105; or 459
689	689	(b) Authorize or require the department to: 460
690	690	1. Accept for filing a type of record that this chapter 461
691	691	does not authorize or require a person to deliver to the 462
692	692	department for filing; or 463
693	693	2. Make or deliver a record that this chapter does not 464
694	694	authorize or require the department to make or deliver. 465
695	695	(3) Except to the extent otherwise specified in ss. 466
696	696	605.2101-605.2802, the provisions of this chapter applicable to 467
697	697	limited liability companies in general and their managers, 468
698	698	members and transferees, including, but not limited to, 469
699	699	provisions relating to fo rmation, operation, existence, 470
700	700	management, court proceedings, and filings with the department 471
701	701	and other state or local government agencies, are applicable to 472
702	702	each series limited liability company and to each protected 473
703	703	series established pursuant to s. 605. 2201. 474
704	704	Section 9. Section 605.2201, Florida Statutes, is created 475
705	705
706	706	HB 1345 2023
707	707
708	708
709	709
710	710	CODING: Words stricken are deletions; words underlined are additions.
711	711	hb1345-00
712	712	Page 20 of 64
713	713	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
714	714
715	715
716	716
717	717	to read: 476
718	718	605.2201 Protected series designation; amendment. — 477
719	719	(1) With the affirmative vote or consent of all members of 478
720	720	a limited liability company, the company may establish a 479
721	721	protected series. 480
722	722	(2) To establish a protected series, a limited liability 481
723	723	company shall deliver to the department for filing a protected 482
724	724	series designation, signed by the company, stating the name of 483
725	725	the company and the name of the protected series to be 484
726	726	established, and any other information the department requires 485
727	727	for filing. 486
728	728	(3) A protected series is established when the protected 487
729	729	series designation takes effect under s. 605.0207. 488
730	730	(4) To amend a protected series designation, a series 489
731	731	limited liability com pany shall deliver to the department for 490
732	732	filing a statement of designation change, signed by the company, 491
733	733	that sets forth: (i) the name of the series limited liability 492
734	734	company and the name of the protected series to which the 493
735	735	designation applies, (ii) each change to the protected series 494
736	736	designation, and (iii) a statement that the change was approved 495
737	737	by the affirmative vote or consent of the members of the series 496
738	738	limited liability company required to make the designated 497
739	739	change. The change takes effect when t he statement of 498
740	740	designation change takes effect under s. 605.0207. 499
741	741	Section 10. Section 605.2202, Florida Statutes, is created 500
742	742
743	743	HB 1345 2023
744	744
745	745
746	746
747	747	CODING: Words stricken are deletions; words underlined are additions.
748	748	hb1345-00
749	749	Page 21 of 64
750	750	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
751	751
752	752
753	753
754	754	to read: 501
755	755	605.2202 Protected series name. — 502
756	756	(1) Except as otherwise provided in subsection (2), the 503
757	757	name of a protected series must comply with s. 605.0112. 504
758	758	(2) The name of a protected series of a series limited 505
759	759	liability company must: 506
760	760	(a) Begin with the name of the series limited liability 507
761	761	company, including any word or abbreviation required by s. 508
762	762	605.0112; and 509
763	763	(b) Contain the phrase "protected series" or the 510
764	764	abbreviation "P.S." or "PS." 511
765	765	(3) If a series limited liability company changes its 512
766	766	name, the company must deliver to the department for filing a 513
767	767	statement of designation change for each of the company's 514
768	768	protected series, changing the name of each protected series to 515
769	769	comply with this section. 516
770	770	Section 11. Section 605.2203, Florida Statutes, is created 517
771	771	to read: 518
772	772	605.2203 Registered agent. — 519
773	773	(1) The registered agent in this state for a series 520
774	774	limited liability company is the registered agent in this state 521
775	775	for each protected series of the company. 522
776	776	(2) Before delivering a protected series designation to 523
777	777	the department for filing, a series limited liability company 524
778	778	must agree with a registered agent that the age nt will serve as 525
779	779
780	780	HB 1345 2023
781	781
782	782
783	783
784	784	CODING: Words stricken are deletions; words underlined are additions.
785	785	hb1345-00
786	786	Page 22 of 64
787	787	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
788	788
789	789
790	790
791	791	the registered agent in this state for the company and for each 526
792	792	protected series of the company. 527
793	793	(3) A person that signs a protected series designation 528
794	794	delivered to the department for filing affirms as a fact that 529
795	795	the series limited liab ility company on whose behalf the 530
796	796	designation is delivered has complied with subsection (2). 531
797	797	(4) A person that ceases to be the registered agent for a 532
798	798	series limited liability company ceases to be the registered 533
799	799	agent for each protected series of the com pany. 534
800	800	(5) A person that ceases to be the registered agent for a 535
801	801	protected series of a series limited liability company, other 536
802	802	than as a result of the termination of the protected series, 537
803	803	ceases to be the registered agent of the company and any other 538
804	804	protected series of the company. 539
805	805	(6) Except as otherwise agreed upon by a series limited 540
806	806	liability company and its registered agent, the registered agent 541
807	807	is not obligated to distinguish between a process, notice, 542
808	808	demand, or other record concerning the compan y and a process, 543
809	809	notice, demand, or other record concerning a protected series of 544
810	810	the company. 545
811	811	Section 12. Section 605.2204, Florida Statutes, is created 546
812	812	to read: 547
813	813	605.2204 Service of process, notice, demand, or other 548
814	814	record.— 549
815	815	(1) A protected series of a series limited liability 550
816	816
817	817	HB 1345 2023
818	818
819	819
820	820
821	821	CODING: Words stricken are deletions; words underlined are additions.
822	822	hb1345-00
823	823	Page 23 of 64
824	824	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
825	825
826	826
827	827
828	828	company may be served with a process required or authorized by 551
829	829	law by: 552
830	830	(a) Serving the registered agent of the series limited 553
831	831	liability company; 554
832	832	(b) Serving the registered agent of the protected series; 555
833	833	or 556
834	834	(c) Other means authorized by the law of this state other 557
835	835	than this chapter. 558
836	836	(2) Service of a summons and complaint on a series limited 559
837	837	liability company is notice to each protected series of the 560
838	838	company of service of the summons and complaint and the contents 561
839	839	of the complaint. 562
840	840	(3) Service of a summons and complaint on a protected 563
841	841	series of a series limited liability company is notice to the 564
842	842	company and any other protected series of the company of service 565
843	843	of the summons and complaint and the contents of the complain t. 566
844	844	(4) Service of a summons and complaint on a foreign series 567
845	845	limited liability company is notice to each foreign protected 568
846	846	series of the foreign company, of service of the summons and 569
847	847	complaint and the contents of the complaint. 570
848	848	(5) Service of a summo ns and complaint on a foreign 571
849	849	protected series of a foreign series limited liability company 572
850	850	is notice to the foreign company and any other foreign protected 573
851	851	series of the foreign series limited liability company, of 574
852	852	service of the summons and complaint an d the contents of the 575
853	853
854	854	HB 1345 2023
855	855
856	856
857	857
858	858	CODING: Words stricken are deletions; words underlined are additions.
859	859	hb1345-00
860	860	Page 24 of 64
861	861	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
862	862
863	863
864	864
865	865	complaint. 576
866	866	(6) Notice to a person under subsection (2), subsection 577
867	867	(3), subsection (4), or subsection (5) is effective regardless 578
868	868	of whether the summons and complaint identify the person if the 579
869	869	summons and complaint name as a party and identify: 580
870	870	(a) The series limited liability company or a protected 581
871	871	series of the series limited liability company; or 582
872	872	(b) The foreign series limited liability company or a 583
873	873	foreign protected series of the foreign series limited liability 584
874	874	company. 585
875	875	(7) If a domestic or foreign series limited liability 586
876	876	company or a protected series of a domestic or foreign series 587
877	877	limited liability company ceases to have a registered agent, or 588
878	878	its registered agent cannot with reasonable diligence be served, 589
879	879	the process required or permitted by law instead may be served 590
880	880	in accordance with s. 605.0117(2) -(6). 591
881	881	(8) Any notice or demand on a domestic or foreign series 592
882	882	limited liability company or a protected series of a domestic or 593
883	883	foreign limited liability company may be given or made in 594
884	884	accordance with s. 605.0117(7). 595
885	885	(9) This section does not affect the right to serve 596
886	886	process, notice, or a demand in any other manner provided by 597
887	887	law. 598
888	888	Section 13. Section 605.2205, Florida Statutes, is created 599
889	889	to read: 600
890	890
891	891	HB 1345 2023
892	892
893	893
894	894
895	895	CODING: Words stricken are deletions; words underlined are additions.
896	896	hb1345-00
897	897	Page 25 of 64
898	898	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
899	899
900	900
901	901
902	902	605.2205 Certificate of status for protected series. — 601
903	903	(1) Upon request and payment of the requisite fee, and in 602
904	904	compliance with any other applicable requirements of the 603
905	905	department or this chapter, the department shall issue a 604
906	906	certificate of status for a protected series of a domestic 605
907	907	series limited liability company, or a certificate of authority 606
908	908	for a foreign protected series, if: 607
909	909	(a) In the case of a protected series: 608
910	910	1. No statement of dissolution, termination, or relocation 609
911	911	pertaining to the series limited liability company or the 610
912	912	protected series, has been filed; and 611
913	913	2. The series limited liability company has delivered to 612
914	914	the department for filing the most recent annual report required 613
915	915	by s. 605.0212 and the report includes the name of the protected 614
916	916	series, unless: 615
917	917	a. When the series limited liability company delivered the 616
918	918	report for filing, the protected series designation pertaining 617
919	919	to the protected series had not yet taken effect; or 618
920	920	b. After the series limited liability company delivered 619
921	921	the report for filing, the company delivered to the department 620
922	922	for filing a statement of designation change changing the name 621
923	923	of the protected series; or 622
924	924	(b) In the case of a foreign protected series, it is 623
925	925	authorized to transact business in this state. 624
926	926	(2) A certificate issued under subsection (1) must state: 625
927	927
928	928	HB 1345 2023
929	929
930	930
931	931
932	932	CODING: Words stricken are deletions; words underlined are additions.
933	933	hb1345-00
934	934	Page 26 of 64
935	935	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
936	936
937	937
938	938
939	939	(a) In the case of a protected series: 626
940	940	1. The name of the protected series of the series limited 627
941	941	liability company and the name of the company; 628
942	942	2. That the requirements of subsection (1) are met; 629
943	943	3. The date the protected series designation pertaining to 630
944	944	the protected series took effect; and 631
945	945	4. If a statement of designation change pertaining to the 632
946	946	protected series has been filed, the effective date and contents 633
947	947	of the statement; 634
948	948	(b) In the case of a foreign protected series, that it is 635
949	949	authorized to transact business in this state; 636
950	950	(c) That all fees, taxes, interest, and penalties owed to 637
951	951	this state by the protected series or the foreign protected 638
952	952	series and collected through the department h ave been paid; and 639
953	953	(d) Other facts reflected in the records of the department 640
954	954	pertaining to the protected series or foreign protected series 641
955	955	which the person requesting the certificate reasonably requests. 642
956	956	(3) Subject to any qualification stated by the department 643
957	957	in a certificate issued under subsection (1), the certificate 644
958	958	may be relied on as conclusive evidence of the facts stated in 645
959	959	the certificate. 646
960	960	Section 14. Section 605.2206, Florida Statutes, is created 647
961	961	to read: 648
962	962	605.2206 Information require d in annual report; effect of 649
963	963	failure to provide such information. — 650
964	964
965	965	HB 1345 2023
966	966
967	967
968	968
969	969	CODING: Words stricken are deletions; words underlined are additions.
970	970	hb1345-00
971	971	Page 27 of 64
972	972	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
973	973
974	974
975	975
976	976	(1) In the annual report required by s. 605.0212, a series 651
977	977	limited liability company shall include the name of each 652
978	978	protected series of the company: 653
979	979	(a) For which the series limited li ability company has 654
980	980	previously delivered to the department for filing a protected 655
981	981	series designation; and 656
982	982	(b) Which has not dissolved and completed winding up. 657
983	983	(2) A failure by a series limited liability company to 658
984	984	comply with subsection (1) with regar d to a protected series 659
985	985	prevents issuance of a certificate of status pertaining to the 660
986	986	protected series, but does not otherwise affect the protected 661
987	987	series. 662
988	988	Section 15. Section 605.2301, Florida Statutes, is created 663
989	989	to read: 664
990	990	605.2301 Associated asset .— 665
991	991	(1) Only an asset of a protected series may be an 666
992	992	associated asset of the protected series. Only an asset of a 667
993	993	series limited liability company may be an associated asset of 668
994	994	the company. 669
995	995	(2)(a) An asset of a protected series of a series limited 670
996	996	liability company is an associated asset of the protected series 671
997	997	only if the protected series creates and maintains records that 672
998	998	state the name of the protected series and describe the asset 673
999	999	with sufficient specificity to permit a disinterested, 674
1000	1000	reasonable individual to: 675
1001	1001
1002	1002	HB 1345 2023
1003	1003
1004	1004
1005	1005
1006	1006	CODING: Words stricken are deletions; words underlined are additions.
1007	1007	hb1345-00
1008	1008	Page 28 of 64
1009	1009	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1010	1010
1011	1011
1012	1012
1013	1013	1. Identify the asset and distinguish it from any other 676
1014	1014	asset of the protected series, any asset of the series limited 677
1015	1015	liability company, and any asset of any other protected series 678
1016	1016	of the company; 679
1017	1017	2. Determine when and from what person the protected 680
1018	1018	series acquired the asset or how the asset otherwise became an 681
1019	1019	asset of the protected series; and 682
1020	1020	3. If the protected series acquired the asset from the 683
1021	1021	series limited liability company or another protected series of 684
1022	1022	the company, determine any consideration paid, the payor, and 685
1023	1023	the payee. 686
1024	1024	(b) A deed or other instrument granting an interest in 687
1025	1025	real property to or from one or more protected series of a 688
1026	1026	series limited liability company, or any other instrument 689
1027	1027	otherwise affecting an interest in real property held by one or 690
1028	1028	more protected series of a series limited liability company, in 691
1029	1029	each case to the extent such deed or other instrument is 692
1030	1030	recorded in the office for recording transfers or other matters 693
1031	1031	affecting real property, is conclusive in favor of a person who 694
1032	1032	gives value without knowledge of the lack of authority of the 695
1033	1033	person signing and delivering the deed or other instrument, and 696
1034	1034	constitutes a record that such interest in real property is an 697
1035	1035	associated asset or liability, as applicable, of the protected 698
1036	1036	series. 699
1037	1037	(3)(a) An asset of a series limited liability company is 700
1038	1038
1039	1039	HB 1345 2023
1040	1040
1041	1041
1042	1042
1043	1043	CODING: Words stricken are deletions; words underlined are additions.
1044	1044	hb1345-00
1045	1045	Page 29 of 64
1046	1046	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1047	1047
1048	1048
1049	1049
1050	1050	an associated asset of the company only if the company creates 701
1051	1051	and maintains records that state the name of the company and 702
1052	1052	describe the asset with sufficient specificity to permit a 703
1053	1053	disinterested, reasonable individual to: 704
1054	1054	1. Identify the asset and distinguish it from any other 705
1055	1055	asset of the series limited liability company and any asset of 706
1056	1056	any protected series of the company; 707
1057	1057	2. Determine when and from what person the series limited 708
1058	1058	liability company acquired the asset or how the asset otherwise 709
1059	1059	became an asset of the company; and 710
1060	1060	3. If the series limited liability company acquired the 711
1061	1061	asset from a protected series of the company, determine any 712
1062	1062	consideration paid, the payor, and the payee. 713
1063	1063	(b) A deed or other instrument granting an interest in 714
1064	1064	real property to or from a series limited liability company, or 715
1065	1065	any other instrument otherwise affecting an interest in real 716
1066	1066	property held by a series limited liability company , in each 717
1067	1067	case to the extent such deed or other instrument is recorded in 718
1068	1068	the office for recording transfers or other matters affecting 719
1069	1069	real property is conclusive in favor of a person who gives value 720
1070	1070	without knowledge of the lack of authority of the perso n signing 721
1071	1071	and delivering the deed or other instrument, and constitutes a 722
1072	1072	record that such interest in real property is an associated 723
1073	1073	asset or liability, as applicable, of the series limited 724
1074	1074	liability company. 725
1075	1075
1076	1076	HB 1345 2023
1077	1077
1078	1078
1079	1079
1080	1080	CODING: Words stricken are deletions; words underlined are additions.
1081	1081	hb1345-00
1082	1082	Page 30 of 64
1083	1083	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1084	1084
1085	1085
1086	1086
1087	1087	(4) The records and recordkeeping required by subsections 726
1088	1088	(2) and (3) may be organized by specific listing, category, 727
1089	1089	type, quantity, or computational or allocational formula or 728
1090	1090	procedure, including a percentage or share of any asset, or in 729
1091	1091	any other reasonable manner. 730
1092	1092	(5) To the extent authorized by this chapter and the law 731
1093	1093	of this state other than this chapter, a series limited 732
1094	1094	liability company or protected series of a series limited 733
1095	1095	liability company may hold an associated asset directly or 734
1096	1096	indirectly, through a representative, nominee, or simil ar 735
1097	1097	arrangement, except that: 736
1098	1098	(a) A protected series may not hold an associated asset in 737
1099	1099	the name of the series limited liability company or another 738
1100	1100	protected series of the company; and 739
1101	1101	(b) The series limited liability company may not hold an 740
1102	1102	associated asset in the name of a protected series of the 741
1103	1103	company. 742
1104	1104	Section 16. Section 605.2302, Florida Statutes, is created 743
1105	1105	to read: 744
1106	1106	605.2302 Associated member. — 745
1107	1107	(1) Only a member of a series limited liability company 746
1108	1108	may be an associated member of a prote cted series of the 747
1109	1109	company. 748
1110	1110	(2) A member of a series limited liability company becomes 749
1111	1111	an associated member of a protected series of the company if the 750
1112	1112
1113	1113	HB 1345 2023
1114	1114
1115	1115
1116	1116
1117	1117	CODING: Words stricken are deletions; words underlined are additions.
1118	1118	hb1345-00
1119	1119	Page 31 of 64
1120	1120	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1121	1121
1122	1122
1123	1123
1124	1124	operating agreement or a procedure established by the operating 751
1125	1125	agreement states: 752
1126	1126	(a) That the member is an associated member of the 753
1127	1127	protected series; 754
1128	1128	(b) The date on which the member became an associated 755
1129	1129	member of the protected series; and 756
1130	1130	(c) Any protected-series transferable interest the 757
1131	1131	associated member has in connection with becoming or be ing an 758
1132	1132	associated member of the protected series. 759
1133	1133	(3) If a person that is an associated member of a 760
1134	1134	protected series of a series limited liability company is 761
1135	1135	dissociated from the company, the person ceases to be an 762
1136	1136	associated member of the protected seri es. 763
1137	1137	Section 17. Section 605.2303, Florida Statutes, is created 764
1138	1138	to read: 765
1139	1139	605.2303 Protected-series transferable interest. — 766
1140	1140	(1) A protected-series transferable interest of a 767
1141	1141	protected series of a series limited liability company must be 768
1142	1142	owned initially by an associated member of the protected series 769
1143	1143	or the series limited liability company. 770
1144	1144	(2) If a protected series of a series limited liability 771
1145	1145	company has no associated members when established, the company 772
1146	1146	owns the protected-series transferable int erests in the 773
1147	1147	protected series. 774
1148	1148	(3) In addition to acquiring a protected -series 775
1149	1149
1150	1150	HB 1345 2023
1151	1151
1152	1152
1153	1153
1154	1154	CODING: Words stricken are deletions; words underlined are additions.
1155	1155	hb1345-00
1156	1156	Page 32 of 64
1157	1157	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1158	1158
1159	1159
1160	1160
1161	1161	transferable series interest under subsection (2), a series 776
1162	1162	limited liability company may acquire a protected -series 777
1163	1163	transferable interest through a transfer from another per son or 778
1164	1164	as provided in the operating agreement. 779
1165	1165	(4) Except for s. 605.2108(1)(c), a provision of this 780
1166	1166	chapter which applies to a protected -series transferee of a 781
1167	1167	protected series of a series limited liability company applies 782
1168	1168	to the company in its capacity as an owner of a protected -series 783
1169	1169	transferable interest of the protected series. A provision of 784
1170	1170	the operating agreement of a series limited liability company 785
1171	1171	which applies to a protected -series transferee of a protected 786
1172	1172	series of the company applies to th e company in its capacity as 787
1173	1173	an owner of a protected -series transferable interest of the 788
1174	1174	protected series. 789
1175	1175	Section 18. Section 605.2304, Florida Statutes, is created 790
1176	1176	to read: 791
1177	1177	605.2304 Management. — 792
1178	1178	(1) A protected series may have more than one protected-793
1179	1179	series manager. 794
1180	1180	(2) If a protected series has no associated members, the 795
1181	1181	series limited liability company is the protected -series 796
1182	1182	manager. 797
1183	1183	(3) Section 605.2108 applies to the determination of any 798
1184	1184	duties of a protected -series manager of a prot ected series to: 799
1185	1185	(a) The protected series; 800
1186	1186
1187	1187	HB 1345 2023
1188	1188
1189	1189
1190	1190
1191	1191	CODING: Words stricken are deletions; words underlined are additions.
1192	1192	hb1345-00
1193	1193	Page 33 of 64
1194	1194	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1195	1195
1196	1196
1197	1197
1198	1198	(b) Any associated member of the protected series; and 801
1199	1199	(c) Any protected-series transferee of the protected 802
1200	1200	series. 803
1201	1201	(4) Solely by reason of being or acting as a protected -804
1202	1202	series manager of a protected seri es, a person owes no duty to: 805
1203	1203	(a) The series limited liability company; 806
1204	1204	(b) Another protected series of the series limited 807
1205	1205	liability company; or 808
1206	1206	(c) Another person in that person's capacity as: 809
1207	1207	1. A member of the series limited liability company wh ich 810
1208	1208	is not an associated member of the protected series; 811
1209	1209	2. A protected-series transferee or protected -series 812
1210	1210	manager of another protected series; or 813
1211	1211	3. A transferee of the series limited liability company. 814
1212	1212	(5) An associated member of a protected ser ies of a series 815
1213	1213	limited liability company has the same rights as any other 816
1214	1214	member of the company to vote on or consent to an amendment to 817
1215	1215	the company's operating agreement or any other matter being 818
1216	1216	decided by the members, regardless of whether the amendmen t or 819
1217	1217	matter affects the interests of the protected series or the 820
1218	1218	associated member. 821
1219	1219	(6) The right of a member to maintain a derivative action 822
1220	1220	to enforce a right of a limited liability company pursuant to s. 823
1221	1221	605.0802 shall apply to: 824
1222	1222	(a) An associated me mber of a protected series, in 825
1223	1223
1224	1224	HB 1345 2023
1225	1225
1226	1226
1227	1227
1228	1228	CODING: Words stricken are deletions; words underlined are additions.
1229	1229	hb1345-00
1230	1230	Page 34 of 64
1231	1231	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1232	1232
1233	1233
1234	1234
1235	1235	accordance with s. 605.2108, and 826
1236	1236	(b) A member of a series limited liability company in 827
1237	1237	accordance with s. 605.2108. 828
1238	1238	(7) An associated member of a protected series is an agent 829
1239	1239	for the protected series with power to bind th e protected series 830
1240	1240	to the same extent that a member of a limited liability company 831
1241	1241	is an agent for the company with power to bind the company under 832
1242	1242	s. 605.04074(1)(a). 833
1243	1243	Section 19. Section 605.2305, Florida Statutes, is created 834
1244	1244	to read: 835
1245	1245	605.2305 Right of a person who is not an associated member 836
1246	1246	of protected series to information concerning protected series. — 837
1247	1247	(1) A member of a series limited liability company which 838
1248	1248	is not an associated member of a protected series of the company 839
1249	1249	has a right to informa tion concerning the protected series to 840
1250	1250	the same extent, in the same manner, and under the same 841
1251	1251	conditions that a member that is not a manager of a manager -842
1252	1252	managed limited liability company has a right to information of 843
1253	1253	the company under ss. 605.0410(1) an d 605.0410(3)(b). 844
1254	1254	(2) A person who was formerly an associated member of a 845
1255	1255	protected series has a right to information concerning the 846
1256	1256	protected series to the same extent, in the same manner, and 847
1257	1257	under the same conditions that a person dissociated as a mem ber 848
1258	1258	of a manager-managed limited liability company has a right to 849
1259	1259	information concerning the limited liability company under s. 850
1260	1260
1261	1261	HB 1345 2023
1262	1262
1263	1263
1264	1264
1265	1265	CODING: Words stricken are deletions; words underlined are additions.
1266	1266	hb1345-00
1267	1267	Page 35 of 64
1268	1268	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1269	1269
1270	1270
1271	1271
1272	1272	605.0410(4) or other applicable law. 851
1273	1273	(3) If an associated member of a protected series dies, 852
1274	1274	the legal representative of the d eceased associated member has a 853
1275	1275	right to information concerning the protected series to the same 854
1276	1276	extent, in the same manner, and under the same conditions that 855
1277	1277	the legal representative of a deceased member of a limited 856
1278	1278	liability company has a right to info rmation concerning the 857
1279	1279	company under s. 605.0410(9). 858
1280	1280	(4) A protected-series manager of a protected series has a 859
1281	1281	right to information concerning the protected series to the same 860
1282	1282	extent, in the same manner, and under the same conditions that a 861
1283	1283	manager of a manager-managed limited liability company has a 862
1284	1284	right to information concerning the company under s. 863
1285	1285	605.0410(3)(a). 864
1286	1286	(5) The court-ordered inspection provisions of s. 605.0411 865
1287	1287	also apply to the information rights regarding series limited 866
1288	1288	liability companies and protected series described in this 867
1289	1289	section. 868
1290	1290	Section 20. Section 605.2401, Florida Statutes, is created 869
1291	1291	to read: 870
1292	1292	605.2401 Limitations on liability. — 871
1293	1293	(1) A person is not liable, directly or indirectly, by way 872
1294	1294	of contribution or otherwise, fo r a debt, obligation, or other 873
1295	1295	liability of: 874
1296	1296	(a) A protected series of a series limited liability 875
1297	1297
1298	1298	HB 1345 2023
1299	1299
1300	1300
1301	1301
1302	1302	CODING: Words stricken are deletions; words underlined are additions.
1303	1303	hb1345-00
1304	1304	Page 36 of 64
1305	1305	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1306	1306
1307	1307
1308	1308
1309	1309	company solely by reason of being or acting as: 876
1310	1310	1. An associated member, protected -series manager, or 877
1311	1311	protected-series transferee of the protected series; or 878
1312	1312	2. A member, manager, or a transferee of the company; or 879
1313	1313	(b) A series limited liability company solely by reason of 880
1314	1314	being or acting as an associated member, protected -series 881
1315	1315	manager, or protected -series transferee of a protected series of 882
1316	1316	the company. 883
1317	1317	(2) Subject to s. 605.2404, the following apply: 884
1318	1318	(a) A debt, obligation, or other liability of a series 885
1319	1319	limited liability company is solely the debt, obligation, or 886
1320	1320	liability of the company. 887
1321	1321	(b) A debt, obligation, or other liability of a protect ed 888
1322	1322	series is solely the debt, obligation, or liability of the 889
1323	1323	protected series. 890
1324	1324	(c) A series limited liability company is not liable, 891
1325	1325	directly or indirectly, by way of contribution or otherwise, for 892
1326	1326	a debt, obligation, or other liability of a protected series of 893
1327	1327	the company solely by reason of the protected series being a 894
1328	1328	protected series of the company, or the series limited liability 895
1329	1329	company: 896
1330	1330	1. Being or acting as a protected -series manager of the 897
1331	1331	protected series; 898
1332	1332	2. Having the protected series ma nage the series limited 899
1333	1333	liability company; or 900
1334	1334
1335	1335	HB 1345 2023
1336	1336
1337	1337
1338	1338
1339	1339	CODING: Words stricken are deletions; words underlined are additions.
1340	1340	hb1345-00
1341	1341	Page 37 of 64
1342	1342	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1343	1343
1344	1344
1345	1345
1346	1346	3. Owning a protected -series transferable interest of the 901
1347	1347	protected series. 902
1348	1348	(d) A protected series of a series limited liability 903
1349	1349	company is not liable, directly or indirectly, by way of 904
1350	1350	contribution or othe rwise, for a debt, obligation, or other 905
1351	1351	liability of the company or another protected series of the 906
1352	1352	company, solely by reason of: 907
1353	1353	1. Being a protected series of the series limited 908
1354	1354	liability company; 909
1355	1355	2. Being or acting as a manager of the series limited 910
1356	1356	liability company or a protected -series manager of another 911
1357	1357	protected series of the company; or 912
1358	1358	3. Having the series limited liability company or another 913
1359	1359	protected series of the company be or act as a protected -series 914
1360	1360	manager of the protected series. 915
1361	1361	Section 21. Section 605.2402, Florida Statutes, is created 916
1362	1362	to read: 917
1363	1363	605.2402 Claim seeking to disregard limitation of 918
1364	1364	liability.— 919
1365	1365	(1) Except as otherwise provided in subsection (2), a 920
1366	1366	claim seeking to disregard a limitation in s. 605.2401 is 921
1367	1367	governed by the principles of law and equity, including a 922
1368	1368	principle providing a right to a creditor or holding a person 923
1369	1369	liable for a debt, obligation, or other liability of another 924
1370	1370	person, which would apply if each protected series of a series 925
1371	1371
1372	1372	HB 1345 2023
1373	1373
1374	1374
1375	1375
1376	1376	CODING: Words stricken are deletions; words underlined are additions.
1377	1377	hb1345-00
1378	1378	Page 38 of 64
1379	1379	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1380	1380
1381	1381
1382	1382
1383	1383	limited liability com pany were a limited liability company 926
1384	1384	formed separately from the series limited liability company and 927
1385	1385	distinct from the series limited liability company and any other 928
1386	1386	protected series of the series limited liability company. 929
1387	1387	(2) The failure of a limited liability company or a 930
1388	1388	protected series to observe formalities relating to the exercise 931
1389	1389	of its powers or management of its activities and affairs is not 932
1390	1390	a ground to disregard a limitation in s. 605.2401(1) but may be 933
1391	1391	a ground to disregard a limitation in s . 605.2401(2). 934
1392	1392	(3) This section applies to a claim seeking to disregard a 935
1393	1393	limitation of liability applicable to a foreign series limited 936
1394	1394	liability company or foreign protected series and comparable to 937
1395	1395	a limitation stated in s. 605.2401, if: 938
1396	1396	(a) The claimant is a resident of this state, transacting 939
1397	1397	business in this state, or authorized to transact business in 940
1398	1398	this state; or 941
1399	1399	(b) The claim is to establish or enforce a liability 942
1400	1400	arising under law of this state other than this chapter or from 943
1401	1401	an act or omission in this state. 944
1402	1402	Section 22. Section 605.2403, Florida Statutes, is created 945
1403	1403	to read: 946
1404	1404	605.2403 Remedies of judgment creditor of associated 947
1405	1405	member or protected-series transferee.—The provisions of s. 948
1406	1406	605.0503 providing or restricting remedies avail able to a 949
1407	1407	judgment creditor of a member or transferee of a limited 950
1408	1408
1409	1409	HB 1345 2023
1410	1410
1411	1411
1412	1412
1413	1413	CODING: Words stricken are deletions; words underlined are additions.
1414	1414	hb1345-00
1415	1415	Page 39 of 64
1416	1416	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1417	1417
1418	1418
1419	1419
1420	1420	liability company apply to a judgment creditor of: 951
1421	1421	(1) An associated member or protected -series transferee of 952
1422	1422	a protected series; and 953
1423	1423	(2) A series limited liability company, to the exte nt the 954
1424	1424	company owns a protected -series transferable interest of a 955
1425	1425	protected series. 956
1426	1426	Section 23. Section 605.2404, Florida Statutes, is created 957
1427	1427	to read: 958
1428	1428	605.2404 Enforcement of claim against non -associated 959
1429	1429	asset.— 960
1430	1430	(1) For the purposes of this sectio n, the term: 961
1431	1431	(a) "Enforcement date" means 12:01 a.m. on the date on 962
1432	1432	which a claimant first serves process on a series limited 963
1433	1433	liability company or protected series in an action seeking to 964
1434	1434	enforce a claim against an asset of the company or protected 965
1435	1435	series by attachment, levy, or the like under this section. 966
1436	1436	(b) "Incurrence date" subject to s. 605.2608(2) means the 967
1437	1437	date on which a series limited liability company or protected 968
1438	1438	series incurred the liability giving rise to a claim that a 969
1439	1439	claimant seeks to enforce under this section. 970
1440	1440	(2) If a claim against a series limited liability company 971
1441	1441	or a protected series of the company has been reduced to 972
1442	1442	judgment, in addition to any other remedy provided by law or 973
1443	1443	equity, the judgment may be enforced in accordance with the 974
1444	1444	following: 975
1445	1445
1446	1446	HB 1345 2023
1447	1447
1448	1448
1449	1449
1450	1450	CODING: Words stricken are deletions; words underlined are additions.
1451	1451	hb1345-00
1452	1452	Page 40 of 64
1453	1453	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1454	1454
1455	1455
1456	1456
1457	1457	(a) A judgment against the series limited liability 976
1458	1458	company may be enforced against an asset of a protected series 977
1459	1459	of the company if the asset: 978
1460	1460	1. Was a non-associated asset of the protected series on 979
1461	1461	the incurrence date; or 980
1462	1462	2. Is a non-associated asset of the protected series on 981
1463	1463	the enforcement date. 982
1464	1464	(b) A judgment against a protected series may be enforced 983
1465	1465	against an asset of the series limited liability company if the 984
1466	1466	asset: 985
1467	1467	1. Was a non-associated asset of the series limit ed 986
1468	1468	liability company on the incurrence date; or 987
1469	1469	2. Is a non-associated asset of the series limited 988
1470	1470	liability company on the enforcement date. 989
1471	1471	(c) A judgment against a protected series may be enforced 990
1472	1472	against an asset of another protected series of the series 991
1473	1473	limited liability company if the asset: 992
1474	1474	1. Was a non-associated asset of the other protected 993
1475	1475	series on the incurrence date; or 994
1476	1476	2. Is a non-associated asset of the other protected series 995
1477	1477	on the enforcement date. 996
1478	1478	(3) In addition to any other rem edy provided by law or 997
1479	1479	equity, if a claim against a series limited liability company or 998
1480	1480	a protected series has not been reduced to a judgment, and law 999
1481	1481	other than this chapter permits a prejudgment remedy by 1000
1482	1482
1483	1483	HB 1345 2023
1484	1484
1485	1485
1486	1486
1487	1487	CODING: Words stricken are deletions; words underlined are additions.
1488	1488	hb1345-00
1489	1489	Page 41 of 64
1490	1490	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1491	1491
1492	1492
1493	1493
1494	1494	attachment, levy, or the like, the court may appl y subsection 1001
1495	1495	(2) as a prejudgment remedy. 1002
1496	1496	(4) In a proceeding under this section, the party 1003
1497	1497	asserting that an asset is or was an associated asset of a 1004
1498	1498	series limited liability company or a protected series of the 1005
1499	1499	series limited liability company has the burden of proof on the 1006
1500	1500	issue. 1007
1501	1501	(5) This section applies to an asset of a foreign series 1008
1502	1502	limited liability company or foreign protected series if: 1009
1503	1503	(a) The asset is real or tangible property located in this 1010
1504	1504	state; 1011
1505	1505	(b) The claimant is a resident of this state or 1012
1506	1506	transacting business or authorized to transact business in this 1013
1507	1507	state, or the claim under this section is to enforce a judgment, 1014
1508	1508	or to seek a pre-judgment remedy, pertaining to a liability 1015
1509	1509	arising from the law of this state other than this chapter or an 1016
1510	1510	act or omission in this state; and 1017
1511	1511	(c) The asset is not identified in the records of the 1018
1512	1512	foreign series limited liability company or foreign protected 1019
1513	1513	series in a manner comparable to the manner required by s. 1020
1514	1514	605.2301. 1021
1515	1515	Section 24. Section 605 .2501, Florida Statutes, is created 1022
1516	1516	to read: 1023
1517	1517	605.2501 Events causing dissolution of protected series. —A 1024
1518	1518	protected series of a series limited liability company is 1025
1519	1519
1520	1520	HB 1345 2023
1521	1521
1522	1522
1523	1523
1524	1524	CODING: Words stricken are deletions; words underlined are additions.
1525	1525	hb1345-00
1526	1526	Page 42 of 64
1527	1527	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1528	1528
1529	1529
1530	1530
1531	1531	dissolved, and its activities and affairs must be wound up, upon 1026
1532	1532	the: 1027
1533	1533	(1) Dissolution of t he series limited liability company; 1028
1534	1534	(2) Occurrence of an event or circumstance the operating 1029
1535	1535	agreement states causes dissolution of the protected series; 1030
1536	1536	(3) Affirmative vote or consent of all associated members 1031
1537	1537	of the protected series; 1032
1538	1538	(4) Entry by the court of an order dissolving the 1033
1539	1539	protected series on application by an associated member or 1034
1540	1540	protected-series manager of the protected series: 1035
1541	1541	(a) In accordance with s. 605.2108; and 1036
1542	1542	(b) To the same extent, in the same manner, and on the 1037
1543	1543	same grounds the court would enter an order dissolving a limited 1038
1544	1544	liability company on application by a member or manager of the 1039
1545	1545	limited liability company pursuant to s. 605.0702; 1040
1546	1546	(5) Entry by the court of an order dissolving the 1041
1547	1547	protected series on application by the series limited liability 1042
1548	1548	company, or a member or manager of the series limited liability 1043
1549	1549	company: 1044
1550	1550	(a) In accordance with s. 605.2108; and 1045
1551	1551	(b) To the same extent, in the same manner, and on the 1046
1552	1552	same grounds the court would enter an order dissolving a limited 1047
1553	1553	liability company on application by a member or manager of the 1048
1554	1554	limited liability company pursuant to s. 605.0702; 1049
1555	1555	(6) Automatic or involuntary dissolution of the series 1050
1556	1556
1557	1557	HB 1345 2023
1558	1558
1559	1559
1560	1560
1561	1561	CODING: Words stricken are deletions; words underlined are additions.
1562	1562	hb1345-00
1563	1563	Page 43 of 64
1564	1564	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1565	1565
1566	1566
1567	1567
1568	1568	limited liability company that established the protected series; 1051
1569	1569	or 1052
1570	1570	(7) The filing of a statement of administrative 1053
1571	1571	dissolution of the limited liability company by the department 1054
1572	1572	pursuant to s. 605.0714. 1055
1573	1573	Section 25. Section 605.2502, Florida Statutes, is created 1056
1574	1574	to read: 1057
1575	1575	605.2502 Winding up dissolved protected series. — 1058
1576	1576	(1) Subject to subsections (2) and (3) and in accordance 1059
1577	1577	with s. 605.2108: 1060
1578	1578	(a) A dissolved protected series shall wind up its 1061
1579	1579	activities and affairs in the same manner that a dissolved 1062
1580	1580	limited liability company winds up its activities and affairs 1063
1581	1581	under s. 605.0709, subject to the same requirements and 1064
1582	1582	conditions, and with the same effects; and 1065
1583	1583	(b) Judicial supervision or another judicial remedy is 1066
1584	1584	available in the winding up of the protected series to the same 1067
1585	1585	extent, in the same manner, under the same conditions, and with 1068
1586	1586	the same effects that apply under s. 605.0709(5). 1069
1587	1587	(2) When a protected series of a series limited liability 1070
1588	1588	company dissolves, the company may deliver to the department for 1071
1589	1589	filing articles of protected series dissolution stating the name 1072
1590	1590	of the series limited liability company and the protected series 1073
1591	1591	and that the protected series is dissolved. The filing of the 1074
1592	1592	articles of dissolution by the department has the same effect 1075
1593	1593
1594	1594	HB 1345 2023
1595	1595
1596	1596
1597	1597
1598	1598	CODING: Words stricken are deletions; words underlined are additions.
1599	1599	hb1345-00
1600	1600	Page 44 of 64
1601	1601	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1602	1602
1603	1603
1604	1604
1605	1605	with regard to the protected series as the filing by a limite d 1076
1606	1606	liability company of articles of dissolution with the department 1077
1607	1607	under s. 605.0707. 1078
1608	1608	(3) When a protected series of a series limited liability 1079
1609	1609	company has completed winding up in accordance with s. 605.0709, 1080
1610	1610	the company that established the protected se ries may deliver to 1081
1611	1611	the department for filing a statement of designation 1082
1612	1612	cancellation, stating: (i) the name of the company and the 1083
1613	1613	protected series, (ii) that the protected series is terminated 1084
1614	1614	with the effective date of the termination if that date is no t 1085
1615	1615	the date of filing of the statement of designation cancellation, 1086
1616	1616	and (iii) any other information required by the department. The 1087
1617	1617	filing of the statement of designation cancellation by the 1088
1618	1618	department has the same effect as the filing by the department 1089
1619	1619	of a statement of termination under s. 605.0709(7). 1090
1620	1620	(4) A series limited liability company has not completed 1091
1621	1621	its winding up until each of the protected series of the company 1092
1622	1622	has completed its winding up. 1093
1623	1623	Section 26. Section 605.2503, Florida Statutes, i s created 1094
1624	1624	to read: 1095
1625	1625	605.2503 Effect of reinstatement of series limited 1096
1626	1626	liability company or revocation of voluntary dissolution. —If a 1097
1627	1627	series limited liability company that has been administratively 1098
1628	1628	dissolved is reinstated, or a series limited liability co mpany 1099
1629	1629	that voluntarily dissolved revokes its articles of dissolution 1100
1630	1630
1631	1631	HB 1345 2023
1632	1632
1633	1633
1634	1634
1635	1635	CODING: Words stricken are deletions; words underlined are additions.
1636	1636	hb1345-00
1637	1637	Page 45 of 64
1638	1638	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1639	1639
1640	1640
1641	1641
1642	1642	before filing a statement of termination: 1101
1643	1643	(1) Each protected series of the series limited liability 1102
1644	1644	company ceases winding up; and 1103
1645	1645	(2) The provisions of s. 605.0708 apply to the serie s 1104
1646	1646	limited liability company and apply to each protected series of 1105
1647	1647	the company, in accordance with s. 605.2108. 1106
1648	1648	Section 27. Section 605.2601, Florida Statutes, is created 1107
1649	1649	to read: 1108
1650	1650	605.2601 Entity transactions involving a series limited 1109
1651	1651	liability company or a protected series restricted; 1110
1652	1652	definitions.—As used in ss. 605.2601 -605.2608, the term: 1111
1653	1653	(1) "After a merger" or "after the merger" means when a 1112
1654	1654	merger under s. 605.2604 becomes effective and afterwards. 1113
1655	1655	(2) "Before a merger" or "before the merger " means before 1114
1656	1656	a merger under s. 605.2604 becomes effective. 1115
1657	1657	(3) "Continuing protected series" means a protected series 1116
1658	1658	of a surviving series limited liability company which continues 1117
1659	1659	in uninterrupted existence after a merger under s. 605.2604. 1118
1660	1660	(4) "Merging company" means a limited liability company 1119
1661	1661	that is party to a merger under s. 605.2604. 1120
1662	1662	(5) "Non-surviving company" means a merging company that 1121
1663	1663	does not continue in existence after a merger under s. 605.2604. 1122
1664	1664	(6) "Relocated protected series" mea ns a protected series 1123
1665	1665	of a non-surviving company which, after a merger under s. 1124
1666	1666	605.2604, continues in uninterrupted existence as a protected 1125
1667	1667
1668	1668	HB 1345 2023
1669	1669
1670	1670
1671	1671
1672	1672	CODING: Words stricken are deletions; words underlined are additions.
1673	1673	hb1345-00
1674	1674	Page 46 of 64
1675	1675	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1676	1676
1677	1677
1678	1678
1679	1679	series of the surviving company. 1126
1680	1680	(7) "Surviving company" means a merging company that 1127
1681	1681	continues in existence aft er a merger under s. 605.2604. 1128
1682	1682	Section 28. Section 605.2602, Florida Statutes, is created 1129
1683	1683	to read: 1130
1684	1684	605.2602 Protected series may not be party to entity 1131
1685	1685	transaction.—Except as provided in ss. 605.2605(2), 605.2606(2), 1132
1686	1686	and 605.2607(1), a protected seri es may not be a party to, be 1133
1687	1687	formed, organized, established, or created in, or result from: 1134
1688	1688	(1) A conversion, domestication, interest exchange, or 1135
1689	1689	merger under: 1136
1690	1690	(a) This chapter; or 1137
1691	1691	(b) The law of a foreign jurisdiction, however the 1138
1692	1692	transaction is denominated under such law; or 1139
1693	1693	(2) A transaction with the same substantive effect as a 1140
1694	1694	conversion, domestication, interest exchange, or merger. 1141
1695	1695	Section 29. Section 605.2603, Florida Statutes, is created 1142
1696	1696	to read: 1143
1697	1697	605.2603 Restriction on entity transaction involving 1144
1698	1698	series limited liability company. —A series limited liability 1145
1699	1699	company may not be: 1146
1700	1700	(1) A party to, formed, organized, created in, or result 1147
1701	1701	from: 1148
1702	1702	(a) A conversion, domestication, or interest exchange, 1149
1703	1703	under: 1150
1704	1704
1705	1705	HB 1345 2023
1706	1706
1707	1707
1708	1708
1709	1709	CODING: Words stricken are deletions; words underlined are additions.
1710	1710	hb1345-00
1711	1711	Page 47 of 64
1712	1712	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1713	1713
1714	1714
1715	1715
1716	1716	1. This chapter; or 1151
1717	1717	2. The law of a foreign jurisdiction, however the 1152
1718	1718	transaction is denominated under such law; or 1153
1719	1719	(b) A transaction with the same substantive effect as a 1154
1720	1720	conversion, domestication, or interest exchange. 1155
1721	1721	(2) Except as otherwise provided in s. 605.2604, a party 1156
1722	1722	to or the surviving company of: 1157
1723	1723	(a) A merger under: 1158
1724	1724	1. This chapter; or 1159
1725	1725	2. The law of a foreign jurisdiction, however a merger is 1160
1726	1726	denominated under such law; or 1161
1727	1727	(b) A transaction with the same substantive effect as a 1162
1728	1728	merger. 1163
1729	1729	Section 30. Section 605.2604, Florida Statutes, is created 1164
1730	1730	to read: 1165
1731	1731	605.2604 Merger authorized; parties restricted. —A series 1166
1732	1732	limited liability company may be party to a merger in accordance 1167
1733	1733	with ss. 605.1021-605.1026, this section, and ss. 605.2605 -1168
1734	1734	605.2608, only if: 1169
1735	1735	(1) Each other party to the merger is a limited liability 1170
1736	1736	company; and 1171
1737	1737	(2) The surviving company is not created in the merger. 1172
1738	1738	Section 31. Section 605.2605, Florida Statutes, is created 1173
1739	1739	to read: 1174
1740	1740	605.2605 Plan of merger. —In a merger under s. 605.2604, 1175
1741	1741
1742	1742	HB 1345 2023
1743	1743
1744	1744
1745	1745
1746	1746	CODING: Words stricken are deletions; words underlined are additions.
1747	1747	hb1345-00
1748	1748	Page 48 of 64
1749	1749	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1750	1750
1751	1751
1752	1752
1753	1753	the plan of merger must: 1176
1754	1754	(1) Comply with s. 605.1022 relating to the contents of a 1177
1755	1755	plan of merger of a limited liability company; and 1178
1756	1756	(2) State in a record: 1179
1757	1757	(a) For any protected series of a no n-surviving company, 1180
1758	1758	whether after the merger the protected series will be a 1181
1759	1759	relocated protected series or be dissolved, wound up, and 1182
1760	1760	terminated; 1183
1761	1761	(b) For any protected series of the surviving company 1184
1762	1762	which exists before the merger, whether after the mer ger the 1185
1763	1763	protected series will be a continuing protected series or be 1186
1764	1764	dissolved, wound up, and terminated; 1187
1765	1765	(c) For each relocated protected series or continuing 1188
1766	1766	protected series: 1189
1767	1767	1. The name of any person that becomes an associated 1190
1768	1768	member or protected-series transferee of the protected series 1191
1769	1769	after the merger, any consideration to be paid by, on behalf of, 1192
1770	1770	or in respect of the person, the name of the payor, and the name 1193
1771	1771	of the payee; 1194
1772	1772	2. The name of any person whose rights or obligations in 1195
1773	1773	the person's capacity as an associated member or protected -1196
1774	1774	series transferee will change after the merger; 1197
1775	1775	3. Any consideration to be paid to a person who before the 1198
1776	1776	merger was an associated member or protected -series transferee 1199
1777	1777	of the protected series and the name of the payor; and 1200
1778	1778
1779	1779	HB 1345 2023
1780	1780
1781	1781
1782	1782
1783	1783	CODING: Words stricken are deletions; words underlined are additions.
1784	1784	hb1345-00
1785	1785	Page 49 of 64
1786	1786	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1787	1787
1788	1788
1789	1789
1790	1790	4. If after the merger the protected series will be a 1201
1791	1791	relocated protected series, its new name; 1202
1792	1792	(d) For any protected series to be established by the 1203
1793	1793	surviving company as a result of the merger: 1204
1794	1794	1. The name of the protected series a nd the address of its 1205
1795	1795	principal office; 1206
1796	1796	2. Any protected-series transferable interest to be owned 1207
1797	1797	by the surviving company when the protected series is 1208
1798	1798	established; and 1209
1799	1799	3. The name of and any protected -series transferable 1210
1800	1800	interest owned by any person that will be an associated member 1211
1801	1801	of the protected series when the protected series is 1212
1802	1802	established; and 1213
1803	1803	(e) For any person that is an associated member of a 1214
1804	1804	relocated protected series and will remain a member after the 1215
1805	1805	merger, any amendment to the operat ing agreement of the 1216
1806	1806	surviving limited liability company which: 1217
1807	1807	1. Is or is proposed to be in a record; and 1218
1808	1808	2. Is necessary or appropriate to state the rights and 1219
1809	1809	obligations of the person as a member of the surviving limited 1220
1810	1810	liability company. 1221
1811	1811	Section 32. Section 605.2606, Florida Statutes, is created 1222
1812	1812	to read: 1223
1813	1813	605.2606 Articles of merger. —In a merger under s. 1224
1814	1814	605.2604, the articles of merger must: 1225
1815	1815
1816	1816	HB 1345 2023
1817	1817
1818	1818
1819	1819
1820	1820	CODING: Words stricken are deletions; words underlined are additions.
1821	1821	hb1345-00
1822	1822	Page 50 of 64
1823	1823	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1824	1824
1825	1825
1826	1826
1827	1827	(1) Comply with s. 605.1025 relating to the articles of 1226
1828	1828	merger; and 1227
1829	1829	(2) Include as an attachment the following records, each 1228
1830	1830	to become effective when the merger becomes effective: 1229
1831	1831	(a) For a protected series of a merging company being 1230
1832	1832	terminated as a result of the merger, a statement of designation 1231
1833	1833	cancellation and termination signed by the non -surviving merging 1232
1834	1834	company; 1233
1835	1835	(b) For a protected series of a non -surviving company 1234
1836	1836	which after the merger will be a relocated protected series: 1235
1837	1837	1. A statement of relocation signed by the non -surviving 1236
1838	1838	company which contains the name of the series limited lia bility 1237
1839	1839	company and the name of the protected series before and after 1238
1840	1840	the merger; and 1239
1841	1841	2. A statement of protected series designation signed by 1240
1842	1842	the surviving company; and 1241
1843	1843	(c) For a protected series being established by the 1242
1844	1844	surviving company as a result o f the merger, a protected series 1243
1845	1845	designation signed by the surviving company. 1244
1846	1846	Section 33. Section 605.2607, Florida Statutes, is created 1245
1847	1847	to read: 1246
1848	1848	605.2607 Effect of merger. —When a merger of a protected 1247
1849	1849	series under s. 605.2604 becomes effective, in a ddition to the 1248
1850	1850	effects stated in s. 605.1026 stating the effect of a merger: 1249
1851	1851	(1) As provided in the plan of merger, each protected 1250
1852	1852
1853	1853	HB 1345 2023
1854	1854
1855	1855
1856	1856
1857	1857	CODING: Words stricken are deletions; words underlined are additions.
1858	1858	hb1345-00
1859	1859	Page 51 of 64
1860	1860	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1861	1861
1862	1862
1863	1863
1864	1864	series of each merging series limited liability company which 1251
1865	1865	was established before the merger: 1252
1866	1866	(a) Is a relocated prote cted series or continuing 1253
1867	1867	protected series; or 1254
1868	1868	(b) Is dissolved, wound up, and terminated; 1255
1869	1869	(2) Any protected series to be established as a result of 1256
1870	1870	the merger is established; 1257
1871	1871	(3) Any relocated protected series or continuing protected 1258
1872	1872	series is the same person without interruption as it was before 1259
1873	1873	the merger; 1260
1874	1874	(4) All property of a relocated protected series or 1261
1875	1875	continuing protected series continues to be vested in the 1262
1876	1876	protected series without transfer, reversion, or impairment; 1263
1877	1877	(5) All debts, oblig ations, and other liabilities of a 1264
1878	1878	relocated protected series or continuing protected series 1265
1879	1879	continue as debts, obligations, and other liabilities of the 1266
1880	1880	relocated protected series or continuing protected series; 1267
1881	1881	(6) Except as otherwise provided by law o r the plan of 1268
1882	1882	merger, all the rights, privileges, immunities, powers, and 1269
1883	1883	purposes of a relocated protected series or continuing protected 1270
1884	1884	series remain in the protected series; 1271
1885	1885	(7) The new name of a relocated protected series may be 1272
1886	1886	substituted for the former name of the relocated protected 1273
1887	1887	series in any pending action or proceeding; 1274
1888	1888	(8) If provided in the plan of merger: 1275
1889	1889
1890	1890	HB 1345 2023
1891	1891
1892	1892
1893	1893
1894	1894	CODING: Words stricken are deletions; words underlined are additions.
1895	1895	hb1345-00
1896	1896	Page 52 of 64
1897	1897	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1898	1898
1899	1899
1900	1900
1901	1901	(a) A person becomes an associated member or protected -1276
1902	1902	series transferee of a relocated protected series or continuing 1277
1903	1903	protected series; 1278
1904	1904	(b) A person becomes an associated member of a protected 1279
1905	1905	series established by the surviving company as a result of the 1280
1906	1906	merger; 1281
1907	1907	(c) Any change in the rights or obligations of a person in 1282
1908	1908	the person's capacity as an associated member or protected -1283
1909	1909	series transferee of a relocated protected series or continuing 1284
1910	1910	protected series take effect; and 1285
1911	1911	(d) Any consideration to be paid to a person that before 1286
1912	1912	the merger was an associated member or protected -series 1287
1913	1913	transferee of a relocated protected series or continuing 1288
1914	1914	protected series is due; and 1289
1915	1915	(9) Any person that is an associated member of a relocated 1290
1916	1916	protected series becomes a member of the surviving company, if 1291
1917	1917	not already a member. 1292
1918	1918	Section 34. Section 605.2608, Florida Statutes, is created 1293
1919	1919	to read: 1294
1920	1920	605.2608 Application of s. 605.2404 after merger. — 1295
1921	1921	(1) A creditor's right that existed under s. 605.2404 1296
1922	1922	immediately before a merger under s. 605.2604 may be enforced 1297
1923	1923	after the merger in accordance with the following rules: 1298
1924	1924	(a) A creditor's rig ht that existed immediately before the 1299
1925	1925	merger against the surviving company, a continuing protected 1300
1926	1926
1927	1927	HB 1345 2023
1928	1928
1929	1929
1930	1930
1931	1931	CODING: Words stricken are deletions; words underlined are additions.
1932	1932	hb1345-00
1933	1933	Page 53 of 64
1934	1934	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1935	1935
1936	1936
1937	1937
1938	1938	series, or a relocated protected series continues without change 1301
1939	1939	after the merger. 1302
1940	1940	(b) A creditor's right that existed immediately before the 1303
1941	1941	merger against a non-surviving company: 1304
1942	1942	1. May be asserted against an asset of the non -surviving 1305
1943	1943	company which vested in the surviving company as a result of the 1306
1944	1944	merger; and 1307
1945	1945	2. Does not otherwise change. 1308
1946	1946	(c) Subject to subsection (2), the following provisions 1309
1947	1947	apply: 1310
1948	1948	1. In addition to the remedy stated in paragraph (1), a 1311
1949	1949	creditor with a right under s. 605.2404 which existed 1312
1950	1950	immediately before the merger against a non -surviving company or 1313
1951	1951	a relocated protected series may assert the right against: 1314
1952	1952	a. An asset of the surviving company, other than an asset 1315
1953	1953	of the non-surviving company which vested in the surviving 1316
1954	1954	company as a result of the merger; 1317
1955	1955	b. An asset of a continuing protected series; or 1318
1956	1956	c. An asset of a protected series established by the 1319
1957	1957	surviving company as a result of the merger; 1320
1958	1958	d. If the creditor's right was against an asset of the 1321
1959	1959	non-surviving company, an asset of a relocated protected series; 1322
1960	1960	or 1323
1961	1961	e. If the creditor's right was against an asset of a 1324
1962	1962	relocated protected series, an asset of another relocated 1325
1963	1963
1964	1964	HB 1345 2023
1965	1965
1966	1966
1967	1967
1968	1968	CODING: Words stricken are deletions; words underlined are additions.
1969	1969	hb1345-00
1970	1970	Page 54 of 64
1971	1971	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
1972	1972
1973	1973
1974	1974
1975	1975	protected series. 1326
1976	1976	2. In addition to the remedy stated in paragraph (b), a 1327
1977	1977	creditor with a right that existed immediately before the merger 1328
1978	1978	against the surviving company or a continuing protected series 1329
1979	1979	may assert the right against: 1330
1980	1980	a. An asset of a relocated protected series; or 1331
1981	1981	b. An asset of a non -surviving company which vested in the 1332
1982	1982	surviving company as a result of the merger. 1333
1983	1983	(2) For the purposes of paragraph (1)(c) and s. 1334
1984	1984	605.2404(2)(a)1., (b)1., and (c)1., the incurrence dat e is 1335
1985	1985	deemed be the date on which the merger becomes effective. 1336
1986	1986	(3) A merger under s. 605.2604 does not affect the manner 1337
1987	1987	in which s. 605.2404 applies to a liability incurred after the 1338
1988	1988	merger becomes effective. 1339
1989	1989	Section 35. Section 605.2701, Florida St atutes, is created 1340
1990	1990	to read: 1341
1991	1991	605.2701 Governing law; foreign series limited liability 1342
1992	1992	companies and foreign protected series. —The law of the 1343
1993	1993	jurisdiction of formation of a foreign series limited liability 1344
1994	1994	company governs: 1345
1995	1995	(1) The internal affairs of a f oreign protected series of 1346
1996	1996	the foreign series limited liability company, including: 1347
1997	1997	(a) Relations among any associated members of the foreign 1348
1998	1998	protected series; 1349
1999	1999	(b) Relations between the foreign protected series and: 1350
2000	2000
2001	2001	HB 1345 2023
2002	2002
2003	2003
2004	2004
2005	2005	CODING: Words stricken are deletions; words underlined are additions.
2006	2006	hb1345-00
2007	2007	Page 55 of 64
2008	2008	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2009	2009
2010	2010
2011	2011
2012	2012	1. Any associated member; 1351
2013	2013	2. Any protected-series manager; or 1352
2014	2014	3. Any protected-series transferee; 1353
2015	2015	(c) Relations between any associated member and: 1354
2016	2016	1. Any protected-series manager; or 1355
2017	2017	2. Any protected-series transferee; 1356
2018	2018	(d) The rights and duties of a protected -series manager; 1357
2019	2019	(e) Governance decisions affecting the activities and 1358
2020	2020	affairs of the foreign protected series and the conduct of those 1359
2021	2021	activities and affairs; and 1360
2022	2022	(f) Procedures and conditions for becoming an associated 1361
2023	2023	member or protected-series transferee; 1362
2024	2024	(2) Relations between the foreign protected series and: 1363
2025	2025	(a) The foreign series limited liability company; 1364
2026	2026	(b) Another foreign protected series of the foreign series 1365
2027	2027	limited liability company; 1366
2028	2028	(c) A member of the foreign series limited liability 1367
2029	2029	company which is not an associated member of the foreign 1368
2030	2030	protected series; 1369
2031	2031	(d) A foreign protected -series manager that is not a 1370
2032	2032	protected-series manager of the foreign protected series; 1371
2033	2033	(e) A foreign protected -series transferee that is not a 1372
2034	2034	foreign protected-series transferee of the foreign protected 1373
2035	2035	series; and 1374
2036	2036	(f) A transferee of a transferable interest of the foreign 1375
2037	2037
2038	2038	HB 1345 2023
2039	2039
2040	2040
2041	2041
2042	2042	CODING: Words stricken are deletions; words underlined are additions.
2043	2043	hb1345-00
2044	2044	Page 56 of 64
2045	2045	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2046	2046
2047	2047
2048	2048
2049	2049	series limited liability company; 1376
2050	2050	(3) Except as otherwise provided in ss. 605.2402 and 1377
2051	2051	605.2404, the liability of a person for a debt, obligati on, or 1378
2052	2052	other liability of a foreign protected series of a foreign 1379
2053	2053	series limited liability company if the debt, obligation, or 1380
2054	2054	liability is asserted solely by reason of the person being or 1381
2055	2055	acting as: 1382
2056	2056	(a) An associated member, protected -series transferee, or 1383
2057	2057	protected-series manager of the foreign protected series; 1384
2058	2058	(b) A member of the foreign series limited liability 1385
2059	2059	company which is not an associated member of the foreign 1386
2060	2060	protected series; 1387
2061	2061	(c) A protected-series manager of another foreign 1388
2062	2062	protected series of the company; 1389
2063	2063	(d) A protected-series transferee of another foreign 1390
2064	2064	protected series of the foreign series limited liability 1391
2065	2065	company; 1392
2066	2066	(e) A manager of the foreign series limited liability 1393
2067	2067	company; or 1394
2068	2068	(f) A transferee of a transferable interest of the foreign 1395
2069	2069	series limited liability company; and 1396
2070	2070	(4) Except as otherwise provided in ss. 605.2402 and 1397
2071	2071	605.2404: 1398
2072	2072	(a) The liability of the foreign series limited liability 1399
2073	2073	company for a debt, obligation, or other liability of a foreign 1400
2074	2074
2075	2075	HB 1345 2023
2076	2076
2077	2077
2078	2078
2079	2079	CODING: Words stricken are deletions; words underlined are additions.
2080	2080	hb1345-00
2081	2081	Page 57 of 64
2082	2082	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2083	2083
2084	2084
2085	2085
2086	2086	protected series of the foreign series limited liability company 1401
2087	2087	if the debt, obligation, or liability is asserted solely by 1402
2088	2088	reason of the foreign protected series being a foreign protected 1403
2089	2089	series of the foreign series limited liability company, or the 1404
2090	2090	foreign protected series limited liability company: 1405
2091	2091	1. Being or acting as a foreign protected -series manager 1406
2092	2092	of the foreign protected series; 1407
2093	2093	2. Having the foreign protected series manage the foreign 1408
2094	2094	series limited liability company; or 1409
2095	2095	3. Owning a protected -series transferable interest of the 1410
2096	2096	foreign protected series; and 1411
2097	2097	(b) The liability of a foreign protected series for a 1412
2098	2098	debt, obligation, or other liability of the foreign series 1413
2099	2099	limited liability company or another foreign protected series of 1414
2100	2100	the foreign series limited liability company, if the debt, 1415
2101	2101	obligation, or liability is asserted solely by reason of the 1416
2102	2102	foreign protected series: 1417
2103	2103	1. Being a foreign protected series of the foreign series 1418
2104	2104	limited liability company or having the foreign series limited 1419
2105	2105	liability company or another foreign protected series of the 1420
2106	2106	foreign series limited liability company be or act as foreign 1421
2107	2107	protected-series manager of the foreign protected series; or 1422
2108	2108	2. Managing the foreign series limited liability company 1423
2109	2109	or being or acting as a foreign protected -series manager of 1424
2110	2110	another foreign protected series of the foreign series limited 1425
2111	2111
2112	2112	HB 1345 2023
2113	2113
2114	2114
2115	2115
2116	2116	CODING: Words stricken are deletions; words underlined are additions.
2117	2117	hb1345-00
2118	2118	Page 58 of 64
2119	2119	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2120	2120
2121	2121
2122	2122
2123	2123	liability company. 1426
2124	2124	Section 36. Section 605.2702, Florida Statutes, is created 1427
2125	2125	to read: 1428
2126	2126	605.2702 No attribution of activities constituting 1429
2127	2127	transacting business or for establishing jurisdiction. —In 1430
2128	2128	determining whether a foreign series limited liability company 1431
2129	2129	or foreign protected series of the foreign series limited 1432
2130	2130	liability company is transacting business in this state or is 1433
2131	2131	subject to the person al jurisdiction of the courts of this 1434
2132	2132	state: 1435
2133	2133	(1) The activities and affairs of the foreign series 1436
2134	2134	limited liability company are not attributable to a foreign 1437
2135	2135	protected series of the foreign series limited liability company 1438
2136	2136	solely by reason of the foreign protected series being a foreign 1439
2137	2137	protected series of the foreign series limited liability 1440
2138	2138	company; and 1441
2139	2139	(2) The activities and affairs of a foreign protected 1442
2140	2140	series are not attributable to the foreign series limited 1443
2141	2141	liability company or another foreign p rotected series of the 1444
2142	2142	foreign series limited liability company, solely by reason of 1445
2143	2143	the foreign protected series being a foreign protected series of 1446
2144	2144	the foreign series limited liability company. 1447
2145	2145	Section 37. Section 605.2703, Florida Statutes, is creat ed 1448
2146	2146	to read: 1449
2147	2147	605.2703 Certificate of authority for a foreign series 1450
2148	2148
2149	2149	HB 1345 2023
2150	2150
2151	2151
2152	2152
2153	2153	CODING: Words stricken are deletions; words underlined are additions.
2154	2154	hb1345-00
2155	2155	Page 59 of 64
2156	2156	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2157	2157
2158	2158
2159	2159
2160	2160	limited liability company and foreign protected series; 1451
2161	2161	amendment of application. — 1452
2162	2162	(1) Except as otherwise provided in this section and 1453
2163	2163	subject to ss. 605.2402 and 605.2404, the law of this state 1454
2164	2164	governing application by a foreign limited liability company to 1455
2165	2165	obtain a certificate of authority to transact business in this 1456
2166	2166	state as required under s. 605.0902, including the effect of 1457
2167	2167	obtaining a certificate of authority under s. 605.0903, a nd the 1458
2168	2168	effect of failure to have a certificate of authority as 1459
2169	2169	described in s. 605.0904, apply to a foreign series limited 1460
2170	2170	liability company and to a foreign protected series of a foreign 1461
2171	2171	series limited liability company as if the foreign protected 1462
2172	2172	series was a foreign limited liability company formed separately 1463
2173	2173	from the foreign series limited liability company, and distinct 1464
2174	2174	from the foreign series limited liability company and any other 1465
2175	2175	foreign protected series of the foreign series limited liability 1466
2176	2176	company. 1467
2177	2177	(2) An application by a foreign protected series of a 1468
2178	2178	foreign series limited liability company for a certificate of 1469
2179	2179	authority to transact business in this state must include: 1470
2180	2180	(a) The name and jurisdiction of formation of the foreign 1471
2181	2181	series limited liability company and the foreign protected 1472
2182	2182	series seeking a certificate of authority, and all of the other 1473
2183	2183	information required under s. 605.0902, as well as any other 1474
2184	2184	information required by the department; and 1475
2185	2185
2186	2186	HB 1345 2023
2187	2187
2188	2188
2189	2189
2190	2190	CODING: Words stricken are deletions; words underlined are additions.
2191	2191	hb1345-00
2192	2192	Page 60 of 64
2193	2193	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2194	2194
2195	2195
2196	2196
2197	2197	(b) If the company has other foreign prot ected series, the 1476
2198	2198	name, title, capacity, and street and mailing address of at 1477
2199	2199	least one person who has the authority to manage the foreign 1478
2200	2200	limited liability company and who knows the name and street and 1479
2201	2201	mailing address of: 1480
2202	2202	1. Each other foreign protected series of the foreign 1481
2203	2203	series limited liability company; and 1482
2204	2204	2. The foreign protected -series manager of, and the 1483
2205	2205	registered agent for service of process for, each other foreign 1484
2206	2206	protected series of the foreign series limited liability 1485
2207	2207	company. 1486
2208	2208	(3) The name of a foreign protected series applying for a 1487
2209	2209	certificate of authority to transact business in this state must 1488
2210	2210	comply with ss. 605.2202 and 605.0112, and may do so using a 1489
2211	2211	fictitious name pursuant to ss. 605.0906 and 865.09, if the 1490
2212	2212	fictitious name compl ies with ss. 605.0906, 605.0112, and 1491
2213	2213	605.2202. 1492
2214	2214	(4) The requirements in ss. 605.0907 relating to required 1493
2215	2215	information and amending of a certificate of authority apply to 1494
2216	2216	the information required by subsection (2). 1495
2217	2217	(5) The provisions of ss. 605.0903 -605.0912 apply to a 1496
2218	2218	foreign limited liability company and to a protected series of a 1497
2219	2219	foreign series limited liability company applying for, amending, 1498
2220	2220	or withdrawing a certificate of authority to transact business 1499
2221	2221	in this state. 1500
2222	2222
2223	2223	HB 1345 2023
2224	2224
2225	2225
2226	2226
2227	2227	CODING: Words stricken are deletions; words underlined are additions.
2228	2228	hb1345-00
2229	2229	Page 61 of 64
2230	2230	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2231	2231
2232	2232
2233	2233
2234	2234	Section 38. Section 605.2704 , Florida Statutes, is created 1501
2235	2235	to read: 1502
2236	2236	605.2704 Disclosure required when a foreign series limited 1503
2237	2237	liability company or foreign protected series is a party to 1504
2238	2238	proceeding.— 1505
2239	2239	(1) Not later than 30 days after becoming a party to a 1506
2240	2240	proceeding before a civil , administrative, or other adjudicative 1507
2241	2241	tribunal of or located in this state, or a tribunal of the 1508
2242	2242	United States located in this state: 1509
2243	2243	(a) A foreign series limited liability company shall 1510
2244	2244	disclose to each other party the name and street and mailing 1511
2245	2245	address of: 1512
2246	2246	1. Each foreign protected series of the foreign series 1513
2247	2247	limited liability company; and 1514
2248	2248	2. Each foreign protected -series manager of and a 1515
2249	2249	registered agent for service of process for each foreign 1516
2250	2250	protected series of the foreign series limited liab ility 1517
2251	2251	company; and 1518
2252	2252	(b) A foreign protected series of a foreign series limited 1519
2253	2253	liability company shall disclose to each other party the name 1520
2254	2254	and street and mailing address of: 1521
2255	2255	1. The foreign series limited liability company and each 1522
2256	2256	manager of the forei gn series limited liability company and an 1523
2257	2257	agent for service of process for the foreign series limited 1524
2258	2258	liability company; and 1525
2259	2259
2260	2260	HB 1345 2023
2261	2261
2262	2262
2263	2263
2264	2264	CODING: Words stricken are deletions; words underlined are additions.
2265	2265	hb1345-00
2266	2266	Page 62 of 64
2267	2267	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2268	2268
2269	2269
2270	2270
2271	2271	2. Any other foreign protected series of the foreign 1526
2272	2272	series limited liability company and each foreign protected -1527
2273	2273	series manager of and an agent for service of process for the 1528
2274	2274	other foreign protected series. 1529
2275	2275	(2) If a foreign series limited liability company or 1530
2276	2276	foreign protected series challenges the personal jurisdiction of 1531
2277	2277	the tribunal, the requirement that the foreign series lim ited 1532
2278	2278	liability company or foreign protected series make disclosure 1533
2279	2279	under subsection (1) is tolled until the tribunal determines 1534
2280	2280	whether it has personal jurisdiction. 1535
2281	2281	(3) If a foreign series limited liability company or 1536
2282	2282	foreign protected series does not c omply with subsection (1), a 1537
2283	2283	party to the proceeding may: 1538
2284	2284	(a) Request the tribunal to treat the noncompliance as a 1539
2285	2285	failure to comply with the tribunal's discovery rules; or 1540
2286	2286	(b) Bring a separate proceeding in the court to enforce 1541
2287	2287	subsection (1). 1542
2288	2288	Section 39. Section 605.2801, Florida Statutes, is created 1543
2289	2289	to read: 1544
2290	2290	605.2801 Relation to Electronic Signatures in Global and 1545
2291	2291	National Commerce Act. —Section 605.1102 applies to ss. 605.2101 -1546
2292	2292	605.2802. 1547
2293	2293	Section 40. Section 605.2802, Florida Statutes, is cre ated 1548
2294	2294	to read: 1549
2295	2295	605.2802 Transitional provisions. — 1550
2296	2296
2297	2297	HB 1345 2023
2298	2298
2299	2299
2300	2300
2301	2301	CODING: Words stricken are deletions; words underlined are additions.
2302	2302	hb1345-00
2303	2303	Page 63 of 64
2304	2304	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2305	2305
2306	2306
2307	2307
2308	2308	(1) Before July 1, 2024, ss. 605.2101 -605.2802 govern 1551
2309	2309	only: 1552
2310	2310	(a) A series limited liability company formed, or a 1553
2311	2311	protected series established, on or after July 1, 2023; and 1554
2312	2312	(b) A domestic limited liability company formed before 1555
2313	2313	July 1, 2024, that becomes a series limited liability company on 1556
2314	2314	or after July 1, 2024, in the manner provided in its operating 1557
2315	2315	agreement and pursuant to applicable law, to permit the filing 1558
2316	2316	of one or more protected series d esignations for one or more 1559
2317	2317	protected series pursuant to s. 605.2201. 1560
2318	2318	(2) On and after July 1, 2024, this chapter governs all 1561
2319	2319	series limited liability companies and protected series. 1562
2320	2320	(3) Until July 1, 2024, ss. 605.2402 and 605.2404 do not 1563
2321	2321	apply to a foreign protected series that was established before 1564
2322	2322	July 1, 2023 or a foreign limited liability company that became 1565
2323	2323	a foreign series limited liability company before July 1, 2023. 1566
2324	2324	Section 41. Effective upon becoming a law, paragraph (b) 1567
2325	2325	of subsection (1) of section 605.0103, Florida Statutes, is 1568
2326	2326	amended to read: 1569
2327	2327	605.0103 Knowledge; notice. — 1570
2328	2328	(1) A person knows a fact if the person: 1571
2329	2329	(b) Is deemed to know the fact under paragraph (4)(a) 1572
2330	2330	(4)(b), or a law other than this chapter. 1573
2331	2331	Section 42. Except as otherwise expressly provided in this 1574
2332	2332	act and except for this section, which shall take effect upon 1575
2333	2333
2334	2334	HB 1345 2023
2335	2335
2336	2336
2337	2337
2338	2338	CODING: Words stricken are deletions; words underlined are additions.
2339	2339	hb1345-00
2340	2340	Page 64 of 64
2341	2341	F L O R I D A H O U S E O F R E P R E S E N T A T I V E S
2342	2342
2343	2343
2344	2344
2345	2345	this act becoming a law, this act shall take effect July 1, 1576
2346	2346	2023. 1577