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International Law

: International Asset Recovery Law Blog

Florida Eliminates Asset Protection for Single Member LLCs

By Rick Rein

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Recently, in a seminal case that had been certified by the Eleventh Circuit, Olmstead v. FTC, the Florida Supreme Court held that single member LLCs no longer provide asset protection from claims made by creditors of the LLC owner. Since the sole member of a single-member LLC may freely transfer the owner's entire interest in the LLC, a judgment creditor can levy on that interest. A judgment creditor is not limited to a charging order, which affords a judgment creditor access to a judgment creditor's rights to profits and distributions from the business entity. A charging order is not the exclusive remedy for a judgment creditor against a judgment debtor's interest in single member LLCs.

Full post as published by International Asset Recovery Law Blog on July 21, 2010 (boomark / email).

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