Minnesota LLC law goes into effect 1-1-2018 for all Minnesota LLCs

Minnesota’s limited liability company (LLC) law which was enacted in 2016 goes into effect 1-1-2018 for all Minnesota LLCs.  The new law can significantly change the rights and obligations of members of a Minnesota LLC which was formed before 1-1-17.  The new law allows for “oral” operating agreements. To avoid arguments over the terms of the LLC’s operating agreement, all Minnesota LLCs should have a written operating agreement with special provisions.  It takes time to review and if necessary revise or draft a limited liability agreement because of the many options allowed under Minnesota’s LLC law.  Therefore you should not wait until year end to review and revise your LLC operating agreement with the assistance of attorney’s well versed with in the new LLC law and with substantial experience with LLCs, such as our firm.

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