Revisions to the Minnesota LLC Statute. What Does it Mean?

Screen shot 2013-08-16 at 10.29.43 AMOn August 1, 2015, the Revised Minnesota LLC Act will go into effect.  This law impacts all LLCs in Minnesota. This is the most significant change affecting Minnesota LLC law since LLCs were first permitted in Minnesota.

The Revised Act will automatically affect all LLCs formed in Minnesota on and after August 1, 2015 and will affect all LLCs in Minnesota as of January 1, 2018 at which time the old act will be repealed.  All previously formed LLCs can elect to be governed by the new statute prior to 2018 by taking affirmative steps to do so.

If you have an existing LLC, you should contact an attorney to discuss what steps you should take to update your documents. If you do not do so, you could run into a problem where effective 2018 your current documents do not operate in the manner you intended.  There is no time like the present to address the needed changes.

Significant aspects of the Revised Act includes the following changes: Continue reading “Revisions to the Minnesota LLC Statute. What Does it Mean?”

Don’t Make Assumptions When it Comes to Your Assumed Name or DBA in Minnesota

Why does it matter if your trade name is not in the registered name for your business?

Anytime you are doing business in Minnesota and are not using the legal real and true name of each owner in the title of the business or using the full name of the legal entity (including LLC or Inc.), you must file an Assumed Business Name.  Filing a certificate of assumed name (also commonly referred to as a “fictitious business name” or a “DBA”) enables an individual or entity to engage in business name that is different from their legal name. Failing to properly file for an assumed name could result in allegations of fraud or in the case of a limited liability company or corporation a finding that your personal liability is not protected, so it is particularly important to follow proper procedures with the Secretary of State’s Office.

Continue reading “Don’t Make Assumptions When it Comes to Your Assumed Name or DBA in Minnesota”

Ask the Attorney: Should I use a joint tenancy to avoid probate?


My husband and I own some hunting land up north Minnesota as joint tenants.  After his passing, I became the sole owner.  I am thinking about adding my sons to the deed so we would all be joint tenants. I heard this will avoid probate when I die.  Is a joint tenancy a good idea?

If your only concern is avoiding probate, transferring the property to a joint tenancy with your sons will accomplish this and is a commonly-used tool, but there may be a better way to accomplish the same result.

Continue reading “Ask the Attorney: Should I use a joint tenancy to avoid probate?”

Bloomgren Hanson Legal has Moved!

Bloomgren Hanson Legal is pleased to announce that we have moved to 903 Mainstreet, Ste. A, Hopkins, MN 55343.  Our website is in the process of being updated to reflect the change.  Until then, if you need directions, please give us a call at 952-406-8221.