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9191 Broadway
Merrillville, IN, 46410
United States

219-769-1313

Burke Costanza & Carberry LLP your smart choice for lawyers in Northwest Indiana. Our full-service law firm has offices in Merrillville and Valparaiso Indiana as well as one in Chicago Illinois. At BCC, our lawyers pride themselves on being able to provide a wide range of legal services to our clients, who benefit from the depth and experience we provide from top to bottom.

The main practice groups at Burke Costanza & Carberry LLP are: Alternative Dispute Resolution, Commercial Services, Civil Litigation, and Business and Personal Services.

Our attorneys represent businesses and government entities in the following areas: Business Planning, Commercial Law, Construction, Labor & Employment, Governmental Entities, Healthcare, Labor, Pension Profit-sharing & Employee Benefits, Real Estate, Taxation, and Worker's Compensation.

Our lawyers also represent individuals in matters such as Estate Planning, Wills and Trusts, Immigration, Family Law, Probate Administration, Real Estate, and Taxation.

Burke Costanza & Carberry LLP is a well-rounded firm with strong roots in Northwest Indiana that is focused primarily on our lawyers providing clients with the highest quality legal service in a broad range of practice areas.

Business & Personal Services Blog

Creditors of LLC members Have Expanded Remedies

Burke Costanza & Carberry LLP

The Florida Supreme Court recently issued an advisory opinion on the ability of creditors to reach the debtor’s entire interest in a single member limited liability company, commonly referred to as an LLC. The opinion interprets the Florida LLC statute in a way that subjects a sole member of single member LLC to remedies previously not thought available to creditors. The court held in Olmstead v. FTC that “a court may order a judgment debtor to surrender all right, title, and interest in the debtor’s single member LLC to satisfy an outstanding judgment,” and need not limit the remedy to a charging order.

The court focused on the ability of the single member to freely transfer the LLC interest without the need to seek consent from non-existing other members. Because the single member’s interest is not subject to the restrictions on or requirements for transfer common in multimember LLCs, a charging order is not the exclusive remedy. The court also noted that the language of the Florida statute failed to limit the creditor to the charging order as an exclusive remedy in the same manner that legislation under the Florida partnership and limited partnership legislation limited the remedy.

The Indiana LLC statute also does not specify that a charging order is the creditor’s exclusive remedy against a member, which also subjects our LLCs to a similar statutory attack. (Notably, neither the Indiana partnership nor limited partnership legislation contains the exclusive remedy language.) We will be following how the Olmstead decision is used in Indiana. If you have questions about how this affects your limited liability company, contact one of our Business and Personal Services Practice Group lawyers.