Minnesota Statutes Business, Social, and Charitable Organizations (Ch. 300-323A) § 322C.1204. Application to existing relationships

(1) a limited liability company formed on or after August 1, 2015; and

(2) except as otherwise provided in subdivision 3, a limited liability company formed before August 1, 2015, which elects, in the manner provided in its operating agreement or bylaw for amending the operating agreement, to be subject to this chapter.

(i) the limited liability company shall keep the records specified insection 322B.373, subdivision 1, clause (11), at the company's principal executive office, or at another place or places within the United States as determined undersection 322B.373, subdivision 1, before the company became subject to this chapter;

(ii) for the purpose of applying item (i),section 322B.40, subdivisions 3and4, continue to apply to the limited liability company as if those provisions had not been repealed;

(iii) section 322C.0404, subdivision 1, does not apply to the limited liability company;

(iv) the profits and losses of the limited liability company are to be allocated among the members, and among classes and series of members, in proportion to the value of the contributions of the members reflected in the records required by item (i);

(v) the voting power of each membership interest is in proportion to the value of the contributions of the members reflected in the records required by item (i);

(vi) distributions of cash or other assets of the company, including distributions on termination of the limited liability company, must be allocated in proportion to the value of the contributions of the members reflected in the records required by item (i);

(vii) sections 322B.383, subdivisions 1, clause (1), 2, and 3, and322B.386continue to apply to the limited liability company as if those provisions had not been repealed; and

(viii) for the purpose of applying item (vii),section 322B.356, subdivision 1, continues to apply to the limited liability company as if that provision had not been repealed.