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2012 SESSION
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
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)