Minnesota Statutes has a new chapter, 322C, replacing most of chapter 322B governing LLCs in Minnesota.
The new chapter includes greater protections and clarity of responsibilities for governors and members of LLCs. Virtually all states have adopted a Uniform LLC Act drafted by a nonprofit group, the Uniform Law Commission. The Commission adopted changes to its Uniform LLC Act in 2006, which were endorsed by the American Bar Association. The Minnesota State Bar Association also endorsed the changes and the Revised Uniform LLC Act as enacted by the Legislature this session.
Here is a detailed summary of changes in the Revised Uniform Limited Liability Company Act on the Uniform Law Commission's web site.
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