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Minnesota LLC Law Updates

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.

Runtime: 97 minutes
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Why Lorman?

Over 31 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 31 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

OnDemand Webinar

Applications have not yet been submitted for Delaware, Idaho, Kentucky, Maine, New Hampshire, Ohio, Oklahoma, South Carolina, and Wyoming CLE for this course. However, if you are interested in obtaining CLE for any of the listed states or have any additional credit questions please email us at [email protected] or call us at 866-352-9540.

This course was last revised on November 29, 2017.

Call 1-866-352-9540 for further credit information.

  • 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
     
  • This program has been approved by the Minnesota Board of Continuing Legal Education for 1.5 hours of credit.
     
  • WI CLE 1.5
     
  • This program has been approved by the Board of Bar Examiners for 1.5 hours for use toward the Wisconsin Mandatory CLE requirement.
     

To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 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 John’s University
  • Can be contacted at (952) 224-7285 or [email protected]
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Why Lorman?

Over 31 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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