An Act Regarding Low-profit Limited Liability Companies
Sec. 1. 31 MRSA §602, sub-§10-A is enacted to read:
A limited liability company organized as a low-profit limited liability company that ceases to meet a requirement under this subsection is no longer a low-profit limited liability company but continues to exist as a limited liability company as long as all other requirements of this chapter are met and the limited liability company's name is changed to conform to the provisions of section 603-A.
Sec. 2. 31 MRSA §603-A, sub-§1, as enacted by PL 2003, c. 344, Pt. C, §20, is amended to read:
Sec. 3. 31 MRSA §622, sub-§1, as amended by PL 2007, c. 323, Pt. D, §11 and affected by Pt. G, §4, is further amended to read:
(1) A statement to that effect;
(2) The minimum and maximum number of managers permitted; and
(3) If the initial managers have been selected, the name and the business, residence or mailing address of each initial manager . ;
This bill creates a new form of limited liability company that is formed for a charitable or education purpose within the meaning of the United States Internal Revenue Code of 1986 and does not have as a significant purpose the production of income or the appreciation of property or the purpose of accomplishing a political or legislative purpose and must contain the abbreviation "L3C" or "l3c" in its name.