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Minnesota Revised Uniform Limited Liability Company Act (as enacted)

Minnesota Revised Uniform Limited Liability Company Act (as enacted)

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Published by Steve Quinlivan
A comprehensive description of Minnesota's new LLC Act with a comparison to the existing Minnesota statute and the Delaware Act. The Act was signed into law on April 11, 2014).
A comprehensive description of Minnesota's new LLC Act with a comparison to the existing Minnesota statute and the Delaware Act. The Act was signed into law on April 11, 2014).

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Published by: Steve Quinlivan on Mar 29, 2014
Copyright:Traditional Copyright: All rights reserved

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05/19/2015

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10860389v11
INNEOTA LIABEVILITY ED UCOM
 
IFORANY
Ste NiStinson
M LICT
 
hen M. QuDavid C. Jenifer L. obert D. RoJusticholas Breeonard StreMa
ITED
inlivan Jenson rohne minski n Seitz ckman et LLP y 2015
 
 
10860389v11
TABLE OF CONTENTS
Introductory Note ................................................................................................................................. 1
 
The New Minnesota LLC Act .............................................................................................................. 1
 
Forming a Limited Liability Company ................................................................................................ 1
 
Shelf LLCs ........................................................................................................................................... 1
 
Series LLCs .......................................................................................................................................... 2
 
Governance ........................................................................................................................................... 2
 
Members ............................................................................................................................................... 2
 
Operating Agreement ........................................................................................................................... 3
 
Standards of Conduct ........................................................................................................................... 5
 
Distributions ......................................................................................................................................... 7
 
Merger, Conversion and Domestication ............................................................................................... 7
 
Judicial Dissolution, Buyouts and Oppression ..................................................................................... 8
 
Indemnification and Advancement ...................................................................................................... 9
 
Personal Liability of Members ........................................................................................................... 10
 
Transition ........................................................................................................................................... 10
 
Considerations for Early Adoption .................................................................................................... 11
 
Comparison of Statutes ...................................................................................................................... 12
 
 
 
10860389v11
Introductory Note
The January 2015 version of this publication has been updated to:
 
note that the previously introduced technical corrections bill was passed and signed into law; and
 
expand upon what dissenters’ rights under Chapter 322B survive when the entity mandatorily transitions to Chapter 322C This publication is for general informational purposes and is not legal advice.
The New Minnesota LLC Act
Minnesota has adopted the Minnesota Revised Uniform Limited Liability Company Act (the “Revised Act”), which was signed into law by Minnesota Governor Mark Dayton on April 11, 2014. The Revised Act will apply to all limited liability companies (“LLCs”) formed on and after August 1, 2015 and to limited liability companies formed prior to August 1, 2015 that opt-in by amending the appropriate governing documents. Beginning on January 1, 2018, the Revised Act will apply to all limited liability companies and the existing Minnesota Limited Liability Company Act (the “Existing Statute”) will be repealed. In general, the Revised Act adopts an approach that favors flexibility and contractual arrangements and brings Minnesota more in line with LLC law in Delaware and several other states. Highlights of the Revised Act are set forth below. A technical corrections bill to the Revised Act was passed by the Minnesota legislature in 2015 and signed into law (Session Law Chapter 39 – H.F. No. 385). The analysis below reflects the adoption of the technical corrections bill.
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 the Existing Statute, a limited liability company may only be organized by a natural person. Articles of organization must state:
 
the name of the limited liability company;
 
the street address of the initial registered office and other required information; and
 
the name and street address of each organizer. Generally, articles of organization may also contain statements as to matters other than those set forth above. A limited liability company is formed when articles of organization have been filed with the secretary of state.
Shelf LLCs
Until a limited liability company has or has had at least one member, the company lacks the capacity to do any act or carry on any activity except (322C.0105):
 
delivering to the secretary of state for filing certain statutorily prescribed filings;
 
admitting a member; and
 
dissolving.

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