Dear Friends,
LEGAL NEWS FLASH!! One of the guys in my breakfast group told me he thought it would be a good idea if I used that as my Newsletter opening, and then I could follow it up with some breaking legal news. I respect his opinion for the most part, so here is some breaking legal news that will affect many business owners. Minnesota adopted the Revised Uniform Limited Liability Company Act (322C), which will apply to all limited liability companies formed on or after August 1, 2015. And, beginning January 1, 2018, the new Act will apply to all limited liability companies regardless of when formed and the old Limited Liability Company Act (322B) will be repealed. I don’t agree with the logic behind changing the law for companies already in existence, but the drafters apparently forgot to ask me about my opinion. Anyway, the change will certainly affect how we form new limited liability companies and may affect existing companies, depending on the structure. You’ll just need to consult with an attorney, I guess. I will cover more of the details of the new law in my next newsletter and on my high quality website. I might blog a little as well, because I blog sometimes.
The breakfast group, by the way (thanks for asking), is made up of 15 or so highly successful and intelligent business men and women (although one of them could fall into either category), mostly from the St. Paul area. Some of the guys dress casual, some wear nice suits and some just wear suits. We agreed that it is not a networking event, so no one can pass business cards except under the table. Reminds me of the velvet picture of the dogs playing poker. Cleaner toes, maybe. Less fur for most. We discuss politics, government oppression and current events, catch up on friends and family and exchange information about our recent medical conditions, such as blood pressure, cholesterol, EKG’s, bypasses, stints, etc. We usually order eggs Benedict or other skillet-based dishes with sausage, covered in cheese or Hollandaise sauce. I hope all of you can join us one day.
Quote of the Week:
Legend has it that Steve Schmidt, former corporate big cheese, just as he finished eating one of those breakfasts described above, was heard to say:
“If it wasn’t for my personal trainer, I’d really be out of shape”.