The beginning of 2020 brought substantial changes to the Florida Business Corporation Act (“FBCA”).  The revised FBCA was signed into law on June 7, 2019 by Governor DeSantis and became effective on January 1, 2020.

The FBCA has not had a substantial revision since it was first revised in 1989.  A comprehensive overhaul of the FCBA was warranted to bring Florida’s corporate statute up to date with modern corporate statutory trends and developments.  The amendments to the FBCA are modeled after the 2016 version of the Model Business Corporation Act, albeit with several certain deviations.  The revised FBCA represents an extensive change to Florida law in 2020; some of these changes include:

Owners, shareholders, officers, and directors of Florida corporations should be cognizant of the FBCA revisions and how said changes could potentially impact their rights, duties, and obligations. If you are interested in learning more about the amendments to the FBCA please feel free to contact us.