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Fla. Stat. § 605.0802

Derivative action

Known as the Florida Revised Limited Liability Company Act

The act spans §§ 605–605 (191 sections).

Applied in 1 court decision — leading case 349 F. Supp. 3d 1316 - Silver Crown Invs., LLC v. Team Real Estate Mgmt., LLC (2018)

Most recently applied in 349 F. Supp. 3d 1316 - Silver Crown Invs., LLC v. Team Real Estate Mgmt., LLC (September 2018)

History.--s. 2, ch. 2013-180.

A member may maintain a derivative action to enforce a right of a limited liability company if:

(1) The member first makes a demand on the other members in a member-managed limited liability company or the managers of a manager-managed limited liability company requesting that the managers or other members cause the company to take suitable action to enforce the right, and the managers or other members do not take the action within a reasonable time, not to exceed 90 days; or

(2) A demand under subsection (1) would be futile, or irreparable injury would result to the company by waiting for the other members or the managers to take action to enforce the right in accordance with subsection (1).

Official source: Online Sunshine (Florida Legislature). Reproduced from public-domain Florida statutes; confirm against the official source for the current text. Not legal advice.