Minnesota has shifted its Limited Liability Company, or LLC, legal landscape to comport with the rest of the country.
For existing LLCs, there is not an imminent danger -- business can carry on business as usual until 2018.
For newly formed LLCs, all references and authorities are to Minnesota Statutes Chapter 322C, not 322B. Newly formed LLCs have different nomenclature, different filing requirements with the Secretary of State, and different governing documents.
LLCs formed prior to August 1, 2015, need to start planning now and preparing for the legal changes that will be imposed on them. 2018 may seem far off, but the amount of time necessary for proper planning and documentation should not be underestimated.
The material contained herein is provided for informational purposes only and is not legal advice, nor is it a substitute for obtaining legal advice from an attorney. Each situation is unique, and you should not act or rely on any information contained herein without seeking the advice of an experienced attorney.