Minnesota Revised Uniform Limited Liability Company Act Becomes Law
The Minnesota legislature has passed, and Governor Dayton has signed, the Minnesota Revised Uniform Limited Liability Company Act. The Revised Act applies to all limited liability companies (LLCs) formed after August 1, 2015, and to those formed prior to August 1, 2015, that opt-in by amending the appropriate governing documents.
Beginning on January 1, 2018, the Revised Act will apply to all limited liability companies and the existing Minnesota Limited Liability Company Act will be repealed. In general, the Revised Act adopts an approach that favors flexibility and contractual arrangements and brings Minnesota more in line with LLC law in Delaware and several other states.
Find more information on the Revised Act by downloading a PDF of our comprehensive analysis.
To discuss how the changes to the Minnesota Revised Uniform Limited Liability Company Act could affect your company, contact your usual Stinson Leonard Street contact.