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Senate Bill 0501


Senate Bill 0501

ARCHIVE (2011)

Latest Information

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".
    Current Status:
    In Committee - first House
    Latest Printing (PDF)