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DIGEST OF INTRODUCED BILL
Low profit limited liability companies. Provides for a restricted form of limited liability company known as a low profit limited liability company for the purpose of receiving certain investments from a private foundation to further religious, charitable, educational, and similar objectives without adverse federal tax consequences to the private foundation. Provides that the name of a low profit limited liability company must contain the words "low profit limited liability company", the abbreviation "L.3.C.", or the abbreviation "L3C".