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

Introduced By

Sen. Jennifer McClellan (D-Richmond)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

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. Amends § 13.1-1002, § 13.1-1008, § 13.1-1011, § 13.1-1012, § 13.1-1050.3, of the Code of Virginia. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/11/2010Prefiled and ordered printed; offered 01/13/10 10101558D
01/11/2010Referred to Committee on Commerce and Labor
01/17/2010Impact statement from SCC (HB261)
01/28/2010Continued to 2011 in Commerce and Labor
12/03/2010Left in Commerce and Labor