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Statement of Dissociation - Minnesota
Statement of Dissociation is a legal document that was released by the Minnesota Secretary of State - a government authority operating within Minnesota.
FAQ
Q: What is a Statement of Dissociation?
A: A Statement of Dissociation is a legal document that allows a member of a Minnesota LLC (Limited Liability Company) to disassociate or leave the company.
Q: Who can file a Statement of Dissociation in Minnesota?
A: Any member of a Minnesota LLC who wants to dissociate or leave the company can file a Statement of Dissociation.
Q: What happens when a member files a Statement of Dissociation?
A: When a member files a Statement of Dissociation, their membership in the LLC is terminated, and they are no longer considered a member of the company.
Q: Is a Statement of Dissociation required in Minnesota?
A: No, a Statement of Dissociation is not required by law in Minnesota, but it is recommended to formally document the dissociation to avoid any future disputes or legal issues.
Q: How do I file a Statement of Dissociation in Minnesota?
A: To file a Statement of Dissociation in Minnesota, you need to prepare a written document stating your intention to dissociate from the LLC and submit it to the Minnesota Secretary of State along with the required filing fee.
Q: Is there a deadline to file a Statement of Dissociation in Minnesota?
A: No, there is no specific deadline to file a Statement of Dissociation in Minnesota, but it is recommended to file it as soon as possible after making the decision to dissociate from the LLC.
Q: Can a member be held liable for company debts after filing a Statement of Dissociation?
A: No, once a member files a Statement of Dissociation and their dissociation is effective, they are not personally liable for any future debts or obligations of the LLC.
Q: Can a dissociated member still have rights to company assets?
A: It depends on the operating agreement of the LLC. Generally, a dissociated member does not have rights to future company assets, but they may still have rights to their share of the assets at the time of dissociation.
Q: Can a dissociated member continue to participate in the management of the LLC?
A: No, once a member dissociates from the LLC, they no longer have the right to participate in the management or decision-making of the company.
Form Details:
- Released on October 1, 2021;
- The latest edition currently provided by the Minnesota Secretary of State;
- Ready to use and print;
- Easy to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of the form by clicking the link below or browse more documents and templates provided by the Minnesota Secretary of State.
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