Old 322B law: The old LLC's member's voting power was proportional to the value of their capital contributions unless the member control agreement stated otherwise.
New 322C law: The New LLC law defaults to member managed (see New LLC Management Structure) and provides equal voting power (one person, one vote) unless the Operating agreement provides otherwise. Remember the operating agreement includes all agreements verbal, written and even implied by conduct, (see New LLC Governing Agreement).
Issues to Consider: The voting rights of the 322B LLC (including default proportional to contributions) 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 voting power assigned and that your operating agreement (collectively under the New LLC law) reflects that.
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.