For those of you with LLCs, updating your business plan might be in your future. The Minnesota Revised Uniform Limited Liability Act, Chapter 322C, will govern all LLCs starting January 1, 2018.
Here is some history of the New LLC Act. In April 2014, the Minnesota Legislature enacted this new statute for limited liability companies. The statute became effective on August 1, 2015 for all LLCs formed on or after that date. However, this statute will govern all LLCs, regardless of when they were formed, on January 1, 2018. It contains sweeping changes in the laws governing LLCs and differs substantially from the prior act, Chapter 322B.
Some FMJ attorneys have addressed the changes made in the New LLC Act in an article recently published by the Minnesota State Bar Association’s Bench & Bar. This article addresses the impact the New LLC Act will have on the ability of LLCs to use “freeze-out” mergers as a mechanism to allow feuding or deadlocked members to resolve their differences in an LLC context and to divide up the company. Click here to read the article.
In addition, FMJ attorneys were recently featured in a webinar titled “Minnesota LLC Law Updates,” which discussed many different issues of the New LLC Act, including the substantial uncertainty as to the implications and risks involved for people dealing with LLCs formed under Minnesota’s prior LLC Act, Chapter 322B. Click here to view additional information and access an on-demand replay of the webinar.
If you have any questions about how the New LLC Act could impact you or your business, please contact the Trusts & Estates attorneys at FMJ.
About FMJ’s Trusts & Estates Practice
FMJ’s Trust & Estates group can help clients create and implement an estate plan in a time span that fits their needs. We make estate planning simple and affordable. Clients can email us at estateplanning@fmjlaw.com to have someone from our Trusts & Estates group contact them. We offer complimentary 30-minute initial consultations and flat-fee estate planning to fit every budget.
FMJ’s Trusts & Estates Group consists of David Ness (Shareholder), Karen Schlotthauer (Senior Counsel), and Matthew Jensen (Associate).
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