SAINT PAUL — Today, the Office of the Minnesota Secretary of State is reminding all limited liability companies formed prior to August 1, 2015 that they will become subject to a new law passed by the 2015 Legislature, Chapter 322C, beginning January 1, 2018.
The new law pertaining to LLCs may bring significant changes to governance and management, operating agreements, and other aspects of your business. It is recommended that owners contact their attorneys, accountants or other business advisors well before the end of the calendar year to review the impact of the new law.
All owners of an interest in an LLC should be aware of the impending law change, and should review the governing documents of the LLC to determine whether any adjustments are necessary. The law does provide certain provisions to smooth the transition to the new law.
For further information on the transition, click here to see an article provided to the Office of the Secretary of State by the LLC and Partnership Committee of the Business Law Section of the Minnesota State Bar Association.
If an owner decides they need to amend their articles of organization, please use the amendment form here.