Tuesday, April 22, 2014

Minnesota Adopts a New LLC Act


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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