Limited liability companies; provides for designation of a type of company as low-profit. (SB351)

Introduced By

Sen. Creigh Deeds (D-Bath)

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 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. Read the Bill »

Status

02/06/2012: Failed to Pass in Committee

History