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2012 SESSION

• | print version

SB 351 Limited liability companies; provides for designation of a type of company as low-profit.

Introduced by: R. Creigh Deeds | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Low-profit limited liability companies.  Provides for the designation of a type of limited liability company as low-profit limited liability company. A low-profit limited liability company is a limited liability company that has both a business purpose and a charitable purpose. With regard to the charitable purpose, a low-profit limited liability company is required to accomplish one or more charitable or educational purposes, not be operated so that a significant purpose is the production of income or the appreciation of property, and not have a political or legislative purpose.

FULL TEXT

• 01/11/12  Senate: Prefiled and ordered printed; offered 01/11/12 12100029D  pdf | impact statement

HISTORY

• 01/11/12  Senate: Prefiled and ordered printed; offered 01/11/12 12100029D
• 01/11/12  Senate: Referred to Committee on Commerce and Labor
• 02/06/12  Senate: Passed by indefinitely in Commerce and Labor (9-Y 6-N)