Low-profit limited liability companies; definition. (HB261)

Introduced By

Del. Jennifer McClellan (D-Richmond)

Description

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 entitys 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.   View Full Text »

Outcome

1 vote