On April 8, 2014, Governor Dayton signed into law the Minnesota Revised Uniform Limited Liability Company Act – new Chapter 322C of the Minnesota Statutes (the “New Act”). The New Act will become effective on August 1, 2015, for all LLCs formed on or after that date. LLCs in existence on July 31, 2015, will remain governed by the present Minnesota LLC Act, Chapter 322B (“Chapter 322B”), but may elect after that date to be governed by the New Act. Any Chapter 322B LLCs that have not elected to be governed by the New Act will automatically become subject to the New Act on January 1, 2018.
Significant aspects of the New Act, compared to Chapter 322B, include the following:
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