For anyone who established a limited liability company (LLC) prior to August 1, 2015, you probably received an email from the Minnesota Secretary of State recently letting you know of certain changes in the law. Effective January 1, 2018 all LLCs will be subject to the new Minnesota statutes chapter §322C.
A common theme in estate planning here in lake country involves what to do with the family cabin. Two frequently utilized options are a family cabin in a trust or limited liability company (LLC). Each method, as an estate planning tool, has its pros and cons depending on the specific circumstances.