Old 322B law: The old LLC's default management was similar to a corporation with members, managers, officers, and a board of directors that run the company. The LLC could be managed by a board of governors or is members but they must be individuals.
New 322C law: The New LLC law allows for managemeny by its members, one or more managers or a board of governors. The Managers may be either individuals or an entity. The default structure is member managed.
Issues to Consider: The governing structure of the 322B LLC will remain the same unless its operating agreement is amended. However remember that the operating agreement now includes all documents and agreements including verbal and implied by conduct (See New LLC Governing Agreement). Consider how you want your LLC managed and how you are actually managing it right now because the actual practice may conflict with what you state in your current operating agreement.
Ronan R. Blaschko, Bankruptcy Attorney primarily serves the Dakota County, Ramsey County, Hennepin County, Washington County and Scott County areas in Minnesota, including cities Saint Paul, West St. Paul, Inver Grove Heights, Eagan, Apple Valley, Burnsville, Cottage Grove, Mendota Heights, Minnetonka, Richfield, Edina, Eden Prairie, Bloomington, Golden Valley, New Hope, Plymouth, Maplewood, Oakdale, Stillwater, Lake Elmo, Roseville, Little Canada, Minneapolis, Woodbury and Afton in in Minnesota.