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Minnesota – State Posts Reminder for LLC’s Formed Prior to August 1, 2015

The Secretary of State reminded all Minnesota LLCs formed prior to August 1, 2015 that they will become subject to Chapter 322C beginning January 1, 2018 as Chapter 322 B is repealed.  In 2014 the legislature enacted the Revised Uniform LLC Act which took effect August 1, 2015 and enabled existing LLCs to elect to be governed under the new act or to remain under the prior LLC law Chapter 322B until January 1, 2018.  Customers with LLCs formed prior to August 1, 2015 should review LLC operating agreements for compliance with internal governance requirements under Chapter 322C.