Florida Statutes 605.0803 – Proper plaintiff
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Florida Statutes 605.0803
- Member: means a person who:(a) Is a member of a limited liability company under…. See Florida Statutes 605.0102
- Operating agreement: means an agreement, whether referred to as an operating agreement or not, which may be oral, implied, in a record, or in any combination thereof, of the members of a limited liability company, including a sole member, concerning the matters described in…. See Florida Statutes 605.0102
- Person: means an individual, business corporation, nonprofit corporation, partnership, limited partnership, limited liability company, limited cooperative association, unincorporated nonprofit association, statutory trust, business trust, common law business trust, estate, trust, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or another legal or commercial entity. See Florida Statutes 605.0102
A derivative action to enforce a right of a limited liability company may be commenced only by a person who is a member at the time the action is commenced and:(1) Was a member when the conduct giving rise to the action occurred; or(2) Whose status as a member devolved on the person by operation of law or pursuant to the terms of the operating agreement from a person who was a member when the conduct giving rise to the action occurred.