2006 Minnesota Statutes

322B.376 FINANCIAL STATEMENTS.
(a) A limited liability company shall prepare annual financial statements within 180 days
after the close of the limited liability company's fiscal year. The financial statements must include
at least a balance sheet as of the end of each fiscal year and a statement of income for the fiscal
year, prepared on the basis of accounting methods reasonable in the circumstances. The financial
statements may be consolidated statements of the limited liability company and one or more of
its subsidiaries. In the case of statements audited by a public accountant, each copy must be
accompanied by a report setting forth the opinion of the accountant on the statements; in other
cases, each copy must be accompanied by a statement of the treasurer or other person in charge
of the limited liability company's financial records stating the reasonable belief of the person
that the financial statements were prepared in accordance with accounting methods reasonable
in the circumstances, describing the basis of presentation, and describing any respects in which
the financial statements were not prepared on a basis consistent with those prepared for the
previous year.
(b) Upon written request by a member, a limited liability company shall furnish its most
recent annual financial statements as required under paragraph (a) no later than ten business days
after receipt of a member's written request. "Furnish" for purposes of this paragraph means that
the limited liability company shall deliver or mail, postage prepaid, the financial statements to the
address specified by the requesting member.
History: 1992 c 517 art 2 s 48; 1996 c 361 s 26