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Live Webinar

100-minute live streaming program
  • November 29
  • 1:00 - 2:40 pm EST

Minnesota LLC Law Updates

November 29

Learn the benefits of Minnesota's new LLC act and see how it compares to its prior act.

January 1, 2018 is quickly approaching and on such date all Minnesota limited liability companies will be governed by Minnesota's new LLC act, Chapter 322C. For people dealing with LLCs formed under Minnesota's prior LLC act, Chapter 322B, this has led to substantial uncertainty as to the implications and risks involved with this transition. And, even though all LLCs formed in Minnesota since August 1, 2015 have already been subject to 322C, much confusion still exists for people used to 322B. This topic will help accounting professionals, business executives, business owners and attorneys understand the major differences between 322B and 322C. This material will also identify key risks involved for transitioning 322B LLCs as well as major differences with 322C which you probably missed. Failing to identify and address these risks could be disastrous for you or your client, and this topic will provide you with concrete strategies for dealing with these issues.

Learning Objectives

- You will be able to describe the major differences between Minnesota's new LLC act (322C) and its prior LLC act (322B).

- You will be able to identify the three management models available under the New LLC Act and be able to describe which model should be chosen.

- You will be able to recognize potential risks for LLCs formed under 322B and identify strategies for effectively dealing with such risks.

- You will be able to explain the minority member issues under 322C and identify strategies for protecting minority members from majority members and the company and vice versa.

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview of Minnesota's New LLC Act, Chapter 322C
  • Background
  • Key Differences
  • Why You Should Care
Management Models Available Under 322C
  • Discussion of 3 Models
  • How to Choose
Implications and Risks for LLCs Formed Under Minnesota's Prior LLC Act, Chapter 322B
  • Effect of 322C
  • Effect on Existing Organizational Documents
  • Strategies for Addressing Risks
Minority Member Issues
  • No Dissenters Rights
  • The End of "Squeeze out" Mergers?
  • Strategies for Protecting Minority Members
  • Strategies for Protecting the Company and Majority Members
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

Live Webinar Registration

  • AIPB 2.0
     
  • This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
     
  • IL CLE 1.5
     
  • This course was approved for a total of 1.5 hours of MCLE Credit by the Illinois MCLE Board.
     
  • MN CLE 1.5 (Pending)
     
  • This program has been submitted to the Minnesota Board of Continuing Legal Education. Approval pending.
     
  • WI CLE 2.0
     
  • This program has been approved by the Board of Bar Examiners for 2.0 hours for use toward the Wisconsin Mandatory CLE requirement.
     
  • CPE 2.0 including Specialized Knowledge 2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.0 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Specialized Knowledge for 2.0 hours. Prerequisite: basic knowledge of general accounting. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
     
  • Lorman Business Center, Inc. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Specialized Knowledge and Applications for 2.0 hours.
     
  • Lorman Business Center, Inc. has registered with the Texas State Board of Public Accountancy as a CPE Sponsor. This registration does not constitute an endorsement by the Board as to the quality of our CPE Program. This program qualifies for 2.0 hours of continuing professional education.
     

Who should attend?

This live webinar is designed for accountants, CPAs, CEOs, presidents, vice presidents, CFOs, controllers, business owners and managers, bookkeepers, tax preparers and attorneys.

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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Jesse J. Klick

Jesse J. Klick

Fafinski Mark & Johnson, P.A.

  • Senior attorney with Fafinski Mark & Johnson, P.A.
  • Practice areas include General Corporate & Business, Mergers & Acquisitions, and Commercial Lending & Finance
  • Represents companies and investors in entity selection and formation, commercial transactions, mergers & acquisitions, and general corporate matters. Additionally, represents lenders and borrowers in connection with commercial lending and financing transactions
  • Prior to joining FMJ, was a commercial lending attorney at the Minneapolis office of an international law firm and sole in-house legal counsel at a closely-held software company
  • J.D. degree, summa cum laude, William Mitchell College of Law; B.A. degree, magna cum laude, University of St. Thomas
  • Top 5 of Law School Graduating Class
  • Member of William Mitchell Law Review
  • Can be contacted at (952) 224-7270 or [email protected]
Ernest (Pat) Shriver

Ernest (Pat) Shriver

Fafinski Mark & Johnson, P.A.

  • Shareholder with Fafinski Mark & Johnson, P.A.
  • Former chair, Business Law Section, Minnesota State Bar Association
  • Practice areas include General Corporate & Business, Intellectual Property, Commercial Lending & Finance, and Mergers & Acquisitions
  • Advises clients on choice of entity, general corporate and partnership matters, intellectual property issues, and securities and other corporate financing
  • Prior to joining FMJ, was a partner in a large downtown Minneapolis law firm and served as a cryptologic linguist in the U.S. Marine Corps
  • Designated Super Lawyer ® every year since 2009
  • J.D. degree, cum laude, University of Minnesota Law School; B.A. degree, summa cum laude, Saint Johnís University
  • Can be contacted at (952) 224-7285 or [email protected]
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Why Lorman?

Over 30 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 401189
Published 2017
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