Resource Partner Event
Feb 15
NOTE: This event has expired.

Legal Lunch N Learn - Do You Still “Own” and “Control” Your Minnesota Limited Liability Company?

Business Planning

Date:
February 15, 2018 | 11:30 am CST - 1:00 pm CST

Location Name:
Depart. of Administration

Address:
50 Sherburne Ave, #116C, Saint Paul, MN,55155-0001

Fee:
This is a free event.

Bring your own lunch to enjoy, while you learn about this legal topic. As of January 1, 2018, a new Limited Liability Company Act applies to all Minnesota LLCs. The new LLC Act is substantially different from the old law, and the changes may have unexpected consequences for many minority, woman and veteran-owned small businesses that participate in state and federal government contract set-aside or other preference programs. The default rule under the old LLC Act was “Money Talks” – members voted in proportion to their financial contribution to the company. The new LLC Act uses a “one woman, one vote” approach – unless your operating agreement includes a different rule, every member gets one vote. In addition, the new LLC Act allows “oral” and “implied” operating agreements (under the old LLC Act, operating agreements had to be in writing). These, and other, changes could mean that many multiple-member LLCs are no longer in compliance with basic state and federal small business government contracting rules. Join government contract lawyer Tim Connelly for an important and timely review of the new Minnesota LLC Act and the impact on small business government contractors limited liability companies, including tips for maintaining compliance with government contract ownership and control rules.