LLCs - Minnesota Makes a Major Move

photo by allapen 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. All information contained in links are the property of the linked site.

Dan Gallatin

Dan is a lifelong resident of Minnesota. Born in St. Paul, Dan spent many of his formative years growing up there before moving to White Bear Lake. After graduating from White Bear Lake, Dan spent four glorious years at the University of Wisconsin-Madison, earning a degree in two majors. Dan worked as a Senior Investigator at the Minnesota Department of Commerce for several years after graduating from college. During his final years Dan attended William Mitchell College of Law while still working full-time. During this exhausting 3 ½ year period Dan honed his skills in becoming an efficient, to-the-point legal practitioner. While at Madison Dan met his wife, Tonya, and together they moved to Minnesota to plant their roots. Dan and Tonya have two amazing, unique children and reside in Hugo.

01/03/2018 Commercial Purchase Agreement Musts! In 2017, I saw a substantial increase in existing businesses being acquired by a new owner. In comparison, I saw comparatively few new businesses…

Read Post

03/08/2017 A Couple Reminders of Why I Do What I Do Where I Do It As the sole proprietor, my family knows when trial is upon me. I am home less often, I am irritable, and my head is just not engaged while at home.…

Read Post

LLCs - Minnesota Makes a Major Move

Dan Gallatin

CONNECT WITH ME

Related Posts

Subscribe Here!