In Shaun Olmstead, et. al., v. The Federal Trade Commission [Supreme Court of Florida. Case No. SC08-1009. (June 24, 2010)], the Florida Supreme Court ruled that a creditor of an owner of a single-member Limited Liability Company ("LLC") may take possession and control of the single-member LLC to satisfy the claim.  For many, this aspect of the ruling is not surprising, even though it is the first decision in Florida indicating that single-member LLCs offer little creditor protection. 
What's perhaps more disturbing about Olmstead is the Supreme Court's decision also threw open the question as to whether owners of interests in multi-member LLCs will have the charging order protection of the statute.

Read entire analysis here. 

 

 

 

Florida has adopted a tax amnesty program that began on July 1, 2010 and runs through September 30, 2010.  Under this program, taxpayers may pay a discounted interest rate on outstanding tax liabilities and no penalties will be imposed on tax paid under the amnesty program.  The program applies to all taxes administered by the Department of Revenue that were due before July 1, 2010, except unemployment taxes and the Miami-Dade County Lake Belt fees.  To participate, an amnesty agreement form must be submitted to the Department of Revenue.  Tax amnesty information, including a Tax Information Publication and Tax Amnesty Agreement form, is available on Revenue's website at www.myflorida.com/dor/amnesty.
Taxpayers who participate in the program will receive a complete waiver of penalty.  Further, if the identified tax liability is unknown to the Department of Revenue, the taxpayer will only be required to pay one-half of the interest otherwise due.  Even if the identified tax liability has already been listed in a bill, jeopardy assessment, or other assessment, or is already the subject of a scheduled audit, the taxpayer is still eligible for a one-fourth reduction in interest.
The program also makes it easier for a taxpayer to get current on any delinquent obligations.  Instead of paying the full amount of tax and interest due in one lump sum, a taxpayer may request a stipulated payment agreement whereby the taxpayer makes a minimum down payment of 12.5% of the outstanding amount due and pays the remaining balance in up to seven monthly installments.
Moreover, if a taxpayer becomes current under the program for the three years immediately preceding to the filing of the return under the amnesty program, then the taxes for all years prior to that three year period are forgiven.  Examples: (1): A taxpayer who files sales tax returns monthly files a 2010 Tax Amnesty Agreement and voluntarily files amnesty Sales and Use Tax Returns on July 15, 2010. The sales and use tax returns that could be disclosed would be returns to report tax for the months of June 2007 - May 2010.  Any delinquent sales taxes for periods prior to June 2007 would also be extinguished; and (2): A corporation with a calendar year filing period files a 2010 Tax Amnesty Agreement to voluntarily disclose its corporate income tax liability on July 15, 2010.  The corporate income tax returns that could be disclosed would be its Florida corporate income tax returns for calendar year 2007 through calendar year 2009.  Any delinquent Florida corporate income tax liability of the taxpayer for all calendar years preceding calendar year 2007 would also be extinguished.