Senate Bill 203 (Chapter No. 2012-232) signed by the governor June 18 and effective January 1, 2013 enacted a Revised Limited Liability Company Act. The act is written in plain English and intended to increase flexibility to enable businesses to tailor LLCs to meet members’ and managers’ needs and interests. It includes provisions validating oral and implied operating agreements of LLCs that lack written agreements; new provisions comprehensively defining the fiduciary duties of members and managers; and definitions of terms such as “allocation,” “distribution,” “dissociation,” and “dissolution” .
December 17, 2012