Florida entrepreneurs who want to start a business often look for ways to limit their liability. Forming a Limited Liability Company (LLC) is one way for business owners to limit their personal debt liability to their investments in the business. Even if someone sues the business, the LLC structure shields the personal assets of the business owners. An LLC may be useful, provided it lasts as long as its founders wish.
According to Chron.com, rules governing LLCs vary by the states. How an LLC may operate depends on the specific rules of the state, and a failure to maintain an LLC in good standing could cause the state to terminate the LLC. However, assuming members of an LLC comply with state regulations, the business may last for a long time, even beyond the lifetimes of its founders.
Like other states, the state of Florida allows business owners to vary how long an LLC may last. Under certain circumstances, an LLC may terminate, such as when the members of the LLC decide to dissolve the company, or if a circuit court orders the company dissolved. Still, if the LLC members wish, they can state in the articles of organization or the company organizing agreement that the LLC will exist in perpetuity. Even if current members of the company die or go bankrupt, the business will continue on.
The flexibility provided by Florida law gives LLC founders latitude in deciding how long their LLC should last. The company may exist only for a specific number of years, or the LLC founders can state in the founding documents the circumstances that will lead to the dissolution of the LLC. Asking a business law attorney for guidance may help with determining how long you want your LLC to last and how to make it legally possible.