Minnesota Lands Excluded from the Operating Agreement For Pre 1989 Agreements
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FAQ
In Minnesota, a subdivided land is a piece of real estate that's divided up into individual units that each can be sold or leased separately. A timeshare is a classic example. As with other real estate transactions, you need a real estate license to be able to market and close sales on units of subdivided land.
An LLC's state of organization?also called its domicile?is the company's legal home state. The law of an LLC's state of organization primarily governs the company. Thus, an out-of-state LLC that domesticates to Minnesota becomes a Minnesota LLC governed by the Minnesota Revised Uniform Limited Liability Company Act.
A Minnesota LLC isn't legally obligated to have an operating agreement. Minnesota Statute § 322C. 0110 outlines what an operating agreement may cover but doesn't state that LLCs must have one.
In Minnesota, you'll need to dissolve an LLC by filing with the Minnesota Secretary of State. You can file the document for dissolution online at .sos.state.mn.us, by mail, or in person. If you have questions, you can contact them by phone at 1-877-551-6767 or 651-296-2803 for the Saint Paul metro area.
Subject to the business judgment rule, the duty of care of a member of a member-managed limited liability company in the conduct and winding up of the company's activities is to act with the care that a person in a like position would reasonably exercise under similar circumstances and in a manner the member reasonably ...
Minnesota Statutes, Chapter 322C A Converted Organization that is a foreign organization and not authorized to transact business in this state appoints the secretary of state as its agent for service of process for purposes of enforcing a debt, obligation, or other liability under this subdivision.
In order to withdraw from Minnesota, a Corporation or LLC must submit a certificate of withdrawal to the Minnesota Secretary of State (SOS). Minnesota allows filing in person, by mail, or online. The Minnesota SOS accepts cash or check for paper filings and check or credit card for electronic filings.
Minnesota Statute 273.124 provides for a reduction to the market value used to determine taxes for certain property that is occupied by the owner or qualifying relative of the owner. The property must be the primary place of residence.
