On 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and after August 1, 2015 and will affect all LLCs in Minnesota as of January 1, 2018 at which time the old act will be repealed.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?”