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2011 SESSION
HB 261 Low-profit limited liability companies; definition.
Introduced by: Jennifer L. McClellan | 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 significantly furthers the accomplishment of a charitable or educational purpose, would not have been formed but for the entity’s relationship to the accomplishment of charitable or educational purposes, does not have as a significant purpose the production of income or the appreciation of property, and does not have a political or legislative purpose.
FULL TEXT
HISTORY
- 01/11/10 House: Prefiled and ordered printed; offered 01/13/10 10101558D
- 01/11/10 House: Referred to Committee on Commerce and Labor
- 01/28/10 House: Continued to 2011 in Commerce and Labor by voice vote
- 12/03/10 House: Left in Commerce and Labor