New LLC Laws in Minnesota Impact Veteran Owned Biz

LLC Laws

LLC Laws

Did you hear about the new LLC laws going into effect in Minnesota?

Veterans who own a business or have a share in a company that has a Minnesota tie should take note because the statute changes are significant for a biz that has more than one owner or officer.

Also, Minnesota’s LLC rules and statutes are changing as of January 1, 2018.  Thus, this might become or develop into a significant issue for business owners.

New LLC Laws: Step 1

In this process, let me keep the first step simple.  Where can you find the laws that apply to a Limited Liability Corporation?  Thus, here you go:

  • Old MN LLC laws are here.
  • New Minnesota LLC laws are here.

Simple, right?  In other words, the rules that help us determine what to do and how to do it are as easy as reading the laws and applying them to our business.

New LLC Laws: Step 2

The second step for Veterans to determine whether the statute changes impact their business is to review when their business started before or after the year 2015.  For the military vets who do not remember, consider using this website to acquire filings and reports.

What To-Do with Minnesota’s Rule Changes?

Luckily, most veterans have their organizational docs organized and easily accessible.  For example, documents like:

  • Articles of Incorporation,
  • Articles of Organization,
  • Annual Renewals,
  • Changes to a Registered Agent or Office,
  • Member Control Agreement,
  • Meeting Minutes,
  • Tax Identification Numbers,
  • Accounting Records, and or
  • Certain Amendments

On the other hand, if a business owned by Minnesota Veterans have their org docs scattered amongst other documents, then getting organized becomes an immediate priority because Minnesota’s LLC laws are changing effective January 1, 2018.

Do You Need an Attorney?

For some businesses, yes.  For others, no.  This really isn’t about lawyering up.  This has more to do with control over compliance issues and keeping the peace amongst owners or and the company’s affairs.

But, any Veteran willing to educate themselves on the new LLC statutes in Minnesota, I believe the outline shared by our Secretary of State (also called OSS) is an excellent resource.  Thus, check it out here.

 

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