Minnesota Revised Uniform Limited Liability Company Act Becomes Law

In This Issue:

- Forming a Limited Liability Company

- Shelf LLCs

- Series LLCs

- Governance

- Members

- Operating Agreement

- Standards of Conduct

- Distributions

- Merger, Conversion and Domestication

- Judicial Dissolution, Buyouts and Oppression

- Indemnification and Advancement

- Personal Liability of Members

- Transition

- Considerations for Early Adoption

- Comparison of Statutes

- Excerpt from Forming a Limited Liability Company:

One or more persons (including corporations, partnerships, and other business entities) may act as organizers to form a limited liability company by signing and filing with the secretary of state articles of organization (322C.201). Under current Minnesota law, a limited liability company may only be organized by a natural person.

Please see full Publication below for more information.

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Topics:  Corporate Governance, LLC, Operating Agreements, Series LLC, Shelf Corporations

Published In: Business Organization Updates, General Business Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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