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Olmstead: The biggest chink in the armor

from Domenick R. Lioce

Since its introduction into the Florida Limited Liability Company Act in 1993, the "charging order" provision has served as a key asset protection feature of a Limited Liability Company (LLC). If a member of a LLC is unable to satisfy the debts owed to a personal creditor (outside liability), that judgment creditor's remedy against the member is usually limited to receiving a "charging order" against the economic income of that member's share of an LLC's distributions. However, after the Florida Supreme Court's decision in Olmstead, et al v. FTC, 35 Fla. L. Weekly S357 (Fla. 2010), this may no longer be true. more

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