Minnesota Legislature
LLC law, effective in August, needs some clean-up language
Last year, Minnesota’s Revised Uniform Limited Liability Corporations Act significantly changed state law to make it easier for businesses to incorporate in the state.
Rep. Melissa Hortman (DFL-Brooklyn Park) sponsors HF385 that would make technical corrections and conform all the business statutes to the new law before it takes effect in August.
Before the House passed the bill 129-0 on Wednesday, she successfully amended it with a technical provision to make it better align with the Senate language. The bill now moves to the Senate were Sen. Melisa Franzen (DFL-Edina) is the sponsor.
There would be needed upgrades to the Office of the Secretary of State’s computer programming to accommodate the conversion provisions. The cost is estimated at $7,000 in each of next four fiscal years, Hortman told the House Commerce and Regulatory Reform Committee earlier in session.
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