605.04072 Selection and terms of managers in a manager-managed limited liability company.—In a manager-managed limited liability company, the following rules apply:
(1) A manager may be chosen at any time by the consent of the member or members holding more than 50 percent of the then-current percentage or other interest in the profits of the limited liability company owned by all of its members.
(2) A person need not be a member to be a manager.
(3) A person chosen as a manager continues as a manager until a successor is chosen, unless the manager at an earlier time resigns, is removed, or dies or, in the case of a manager that is not an individual, terminates.
(4) A manager may be removed at any time without notice or cause by the consent of the member or members holding more than 50 percent of the then-current percentage or other interest in the profits of the limited liability company owned by all of its members.
(5) The dissociation of a member who is also a manager removes the person as a manager.
(6) If a person who is both a manager and a member ceases to be a manager, that cessation does not, by itself, dissociate the person as a member.
(7) A person’s ceasing to be a manager does not discharge a debt, obligation, or other liability to the limited liability company or members which the person incurred while a manager.
History.—s. 2, ch. 2013-180.
Section: Previous 605.0402 605.0403 605.0404 605.0405 605.0406 605.0407 605.04071 605.04072 605.04073 605.04074 605.0408 605.04091 605.04092 605.04093 605.0410 NextLast modified: September 23, 2016