Minnesota has adopted the Minnesota Revised Uniform Limited Liability Company Act (the “Revised Act”) and the legislation was signed into law by Governor Dayton on April 11, 2014. The Revised Act will apply to all limited liability companies (“LLCs”) formed on or after 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Act will apply to all limited liability companies and the existing Minnesota Limited Liability Company Act will be repealed.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.
You can find more information on the Revised Act here.
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