A new law will help eliminate ambiguities in state business laws.
Sponsored by Rep. Leon Lillie (DFL-North St. Paul) and Sen. Linda Scheid (DFL-Brooklyn Park), changes are made to three laws: the Business Corporations Act, Limited Liability Company Act and the Uniform Limited Partnership Act of 2001.
Additionally, a section of the new law will allow for the formation of nonprofit limited liability companies. Minnesota is currently one of only a handful of states that do not allow nonprofit LLCs.
Lillie said the changes were brought forward by the Minnesota State Bar Association and are intended to clarify laws that have raised questions for attorneys practicing business law in the state.
Signed April 25 by Gov. Tim Pawlenty, the law takes effect Aug. 1, 2008, with the exception of the provisions relating to nonprofit LLCs; that portion of the law takes effect Jan. 1, 2009.
HF3500*/SF2575/CH233
Minnesota Index
Figures and statistics on nonprofits in Minnesota
(view full story)
Published 4/25/2008
First Reading: A roll of the dice
Pair of bills seek to determine whose life (insurance policy) is it anyway?
(view full story)
Published 4/18/2008
At Issue: Pawlenty of plans
Governor offers lots of betterment ideas in State of the State address.
(view full story)
Published 2/15/2008