Update as of September 2018
The Chapter 607 Drafting Subcommittee has substantially completed its efforts to propose an updated and modernized Florida's corporate statute (Chapter 607), including changes that harmonize a significant number of sections of Florida's other entity statutes to make them consistent with proposed Chapter 607. A substantially complete version of the proposal (with commentary) is attached and can be found here. Also, a summary that describes the proposal and highlights many of the substantive changes made in the proposal is also available and can be found here.
The proposed revised Chapter 607, and the related changes to Florida's other entity statutes, have been approved as a legislative initiative by the Executive Council of the Business Law Section and are in the process of being submitted to the legislation committee of The Florida Bar Board of Governors for its approval. It is expected that the proposed legislation will be presented to the Florida legislature for its consideration in the fall of 2018, with the hope that it will be considered for adoption by the Florida legislature during the 2019 legislative session. Assuming the proposal is adopted by the Florida legislature during the 2019 legislative session, it is expected to become effective for all Florida corporations as of January 1, 2020.Share This