Law Change for LLCs in Minnesota Effective Jan. 1


Ronald_W_Brandenburg.jpgThe new Limited Liability Company Act goes into effect Jan. 1. Is your organization ready? 

The new law, originally passed the Minnesota Legislature in 2015, may bring significant changes to governance and management, operating agreements, and other aspects of your business.

To avoid unintended consequences such as having membership interests voted as one vote per one member instead of based on the member's ownership interest, a change to the company's Operating Agreement will need to be made.

Two of the outcomes likely to occur under the new act unless specifically revised in the organization's Operating Agreement include:

  • All members have an equal vote no matter how many membership units they own.
  • An Operating Agreement may be changed by oral agreement or by course of conduct unless prohibited to only being changed in writing by the Operating Agreement.

Learn more from the Minnesota Secretary of State.

Depending upon your circumstance, you may wish to consult with your attorney to ensure that your company is in compliance. Contact Ron Brandenburg to learn more.

No Comments

Leave a comment
Comment Information
Email Us For A Response

We’re Here to Help Let Us Know What We Can Do

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

St. Cloud Office
1740 W. Saint Germain St.
St Cloud, MN 56301

Phone: 320-200-4928
Fax: 320-251-1415
St Cloud Law Office Map

Mailing Address
PO Box 1008
St Cloud, MN 56302

Map & Directions

Monticello Office
305 Cedar Street
Suite 101
Monticello, MN 55362

Map & Directions

Contact Us

Email
Serving St. Cloud And Communities Throughout The Upper Midwest