Minnesota Adopts a
New LLC Act
Minnesota has been famous as
having one of the most curious LLC acts in the country, it providing, similar
to those of North Dakota and Tennessee, for a board-management structure.
Effective August 1, 2015,
Minnesota has adopted a new LLC act, this one based upon the Revised Uniform
Limited Liability Company Act (“RULLCA”).
While there are certainly
questions and issues with respect to RULLCA (I say that having been a member of
its drafting committee), and although this act has never received the approval
of the ABA’s Committee on LLCs, Partnership and Unincorporated Entities (is this what they mean by damning with faint
praise?), the adoption of a standard act by Minnesota will have to be a
step forward for that state.
Here is a LINK to
a more detailed report on this development.
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