The Minnesota legislature has adopted a new statute governing limited liability companies, Minnesota Statutes Chapter 322C. On January 1, 2018, all 322B LLC’s will be automatically converted to 322C LLC’s. This conversion could result in significant inconsistencies in the LLC governing documents which could cause problems in the future. Therefore, we are advising all 322B LLC’s to amend their Articles of Organization and adopt Operating Agreements which would avoid any inconsistencies.
If you would like more information, call Dan Ganter at 763-783-5127.