Public-domain · open source
OpenJurist

Minn. Stat. § 322C.0111

OPERATING AGREEMENT; EFFECT ON LIMITED LIABILITY COMPANY AND PERSONS BECOMING MEMBERS; PREFORMATION AGREEMENT.

Known as the Minnesota Revised Uniform Limited Liability Company Act

The act spans §§ 322C.0101 to 322C.1205 (92 sections).

2014 c 157 art 1 s 11

Subdivision 1. Company's assent not required.

A limited liability company is bound by and may enforce the operating agreement, whether or not the company has itself manifested assent to the operating agreement.

Subd. 2. Deemed assent by all members.

A person that becomes a member of a limited liability company is deemed to assent to the operating agreement.

Subd. 3. Preformation agreement.

Two or more persons intending to become the initial members of a limited liability company may make an agreement providing that upon the formation of the company the agreement will become the operating agreement. One person intending to become the initial member of a limited liability company may assent to terms providing that upon the formation of the company the terms will become the operating agreement.

Official source: Minnesota Office of the Revisor of Statutes. Reproduced from public-domain Minnesota statutes; confirm against the official source for the current text. Not legal advice.