The Florida Senate

608.422  Management of limited liability company.--

(1)  Unless otherwise provided in its articles of organization or the operating agreement, the company shall be a member-managed company.

(2)  In a member-managed company:

(a)  Unless otherwise provided in the articles of organization or operating agreement, management shall be vested in its members in proportion to the then-current percentage or other interest of members in the profits of the limited liability company owned by all of the members.

(b)  Except as otherwise provided in subsection (3) or in this chapter, the decision of a majority-in-interest of the members shall be controlling.

(3)  If the articles of organization or the operating agreement provide for the management of the limited liability company by a manager or managers, the management of the limited liability company shall be vested in a manager or managers and the company shall be a manager-managed company.

(4)  In a manager-managed company:

(a)  Each manager has equal rights in the management and conduct of the company's business.

(b)  Except as otherwise provided in subsection (3) or in this chapter, any matter relating to the business of the company may be exclusively decided by the manager or, if there is more than one manager, by a majority of the managers.

(c)  A manager:

1.  Must be designated, appointed, elected, removed, or replaced by a vote, approval, or consent of a majority-in-interest of the members; and

2.  Holds office until a successor has been elected and qualified, unless the manager sooner resigns or is removed.

(5)  Action requiring the consent of members or managers under this chapter may be taken without a meeting, subject to the limitations of s. 608.4231.

(6)  A member or manager may appoint a proxy to vote or otherwise act for the member or manager by signing an appointment instrument, either personally or by the member's or manager's attorney-in-fact.

(7)  The manager or managers may also hold the offices and have such other responsibilities accorded to them by the members and set out in the articles of organization or the operating agreement of the limited liability company.

History.--s. 2, ch. 82-177; s. 22, ch. 93-284; s. 1, ch. 99-315.