On behalf of Chandler and Brown, Ltd. posted in business planning on Wednesday, July 5, 2017.
Important legal changes may affect your Minnesota limited liability company (“LLC”), beginning January 1, 2018. These changes could impact the internal operations of your LLC and the governance rules and rights associated with your LLC ownership.
This is particularly urgent for those individuals who have done their own LLC filings, but it is recommended that all LLC owners have their LLC documents and structure reviewed. This could prevent a nasty surprise.
See a notice that the Minnesota Secretary of State recently sent to approximately 120,000 registered LLCs here
If your LLC was created under the old Chapter 322B, you only have Articles of Organization, or you have bylaws and a member control agreement, then you may have potentially dangerous issues that need to be addressed to conform your LLC to the new Chapter 322C.