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Minnesota – Legislation Enacted Affecting Corporations and LLCs

House Bill 385 (Chapter 39) signed by the governor May 14 and effective August 1 makes technical changes to the Business Corporation Act, Limited Liability Company Act, and Revised Uniform LLC Act regarding conversions. The Revised LLC Act will become effective on August 1 for all LLCs organized on or after the effective date. LLCs organized before August 1 continue to be governed by the former LLC Act unless they elect to be governed by the Revised LLC Act.