Assembly Bill 902
Low-profit limited liability companies
Stopped in committee
It never got a , so it never came up for a vote. To try again, a lawmaker would have to start a new bill.
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Introduced, passed
Mar 26, 2010
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Committee, stopped here
Stopped here. No public hearing was held.
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Assembly vote, not reached
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Senate vote, not reached
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Governor, not reached
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Law, not reached
Latest entry in the official record, Apr 28, 2010: “Failed to pass pursuant to ”
It never got a hearing in the Assembly Committee on Financial Institutions. See every bill that never got a hearing this session.
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Terms on this page
Committee
A small group of lawmakers that looks at a bill first. Most bills never leave committee.
Public hearing
A meeting where anyone can speak to a committee about a bill, or send written comments.
Senate Joint Resolution 1
The session's calendar. Any bill not passed by its last voting day dies.
Official term: Failed to pass pursuant to SJR 1. More in the glossary
Legislative Reference Bureau
The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.
Official term: LRB analysis. More in the glossary
Author
A lawmaker who formally puts a bill forward. The text itself is drafted by the Legislative Reference Bureau.
Official term: Author, coauthor. More in the glossary
Signed on in support
Lawmakers who back a bill without being one of its authors, often from the other chamber.
Official term: Cosponsor. More in the glossary
Cost estimate
A state agency's estimate of what a bill would cost or save.
Official term: Fiscal estimate. More in the glossary
What it would have done
Summary by the , the Legislature's nonpartisan drafting office. It's their wording, not ours.
Current law authorizes the creation of limited liability companies (LLCs) for any lawful purpose. This bill authorizes the creation of low-profit LLCs (L3Cs), a type of LLC.
Under the bill, a L3C must be organized for a business purpose that satisfies, and is at all times operated to satisfy, all of the following requirements: 1) the L3C significantly furthers the accomplishment of a religious, charitable, scientific, literary, or education purpose as defined under federal tax law, and would not have been formed but for the entity's relationship to the accomplishment of the religious, charitable, scientific, literary, or education purpose; 2) no significant purpose of the L3C is the production of income or the appreciation of property; and 3) no purpose of the L3C is the accomplishment of a significant political or legislative purpose, as defined under federal tax law. If a L3C at any time ceases to satisfy these requirements, it ceases to be a L3C, but continues to exist as a LLC.
Read the full summary Show less
The bill authorizes the Department of Financial Institutions to bring administrative dissolution proceedings against a L3C if the company has ceased to meet any of the requirements above and has failed to amend its name to reflect it is no longer a L3C within 60 days after ceasing to meet any of the requirements.
Who's behind it
4 representatives are its . 3 are Democrats and 1 is a Republican.
2 more lawmakers .
See all 6 names Hide the names
Authors (4)
- Jason Fields · Democrat, Assembly
- Tamara Grigsby · Democrat, Assembly
- Marlin Schneider · Democrat, Assembly
- John Townsend · Republican, Assembly
Signed on in support (2)
- Dale Schultz · Republican, Senate
- Lena Taylor · Democrat, Senate
What it would cost
State agencies filed a . Each opens as a PDF from the Legislature.
What happened
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Apr 28, 2010
The session ended, and the bill died with it.
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Apr 9, 2010
A state agency sent in its estimate of the cost.
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Apr 7, 2010
A state agency sent in its estimate of the cost.
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Mar 26, 2010
Sent to the Assembly Committee on Financial Institutions.
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Mar 26, 2010
Introduced in the Assembly.
See the official record, word for word Hide the official record
- Mar 26, 2010 · Assembly
Introduced by Representatives Fields, Schneider, Townsend and Grigsby;Cosponsored by Senators Taylor and Schultz
- Mar 26, 2010 · Assembly
Read first time and referred to committee on Financial Institutions
- Apr 7, 2010 · Assembly
Fiscal estimate received
- Apr 9, 2010 · Assembly
Fiscal estimate received
- Apr 28, 2010 · Assembly
Failed to pass pursuant to Senate Joint Resolution 1
Terms on this page
Committee
A small group of lawmakers that looks at a bill first. Most bills never leave committee.
Public hearing
A meeting where anyone can speak to a committee about a bill, or send written comments.
Senate Joint Resolution 1
The session's calendar. Any bill not passed by its last voting day dies.
Official term: Failed to pass pursuant to SJR 1. More in the glossary
Legislative Reference Bureau
The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.
Official term: LRB analysis. More in the glossary
Author
A lawmaker who formally puts a bill forward. The text itself is drafted by the Legislative Reference Bureau.
Official term: Author, coauthor. More in the glossary
Signed on in support
Lawmakers who back a bill without being one of its authors, often from the other chamber.
Official term: Cosponsor. More in the glossary
Cost estimate
A state agency's estimate of what a bill would cost or save.
Official term: Fiscal estimate. More in the glossary
From the Wisconsin Legislature's official record, checked Sep 15, 2026. See the source
Committee
A small group of lawmakers that looks at a bill first. Most bills never leave committee.
Public hearing
A meeting where anyone can speak to a committee about a bill, or send written comments.
Senate Joint Resolution 1
The session's calendar. Any bill not passed by its last voting day dies.
Official term: Failed to pass pursuant to SJR 1
Legislative Reference Bureau
The Legislature's nonpartisan office that drafts bills and writes the summary at the top of each one.
Official term: LRB analysis
Signed on in support
Lawmakers who back a bill without being one of its authors, often from the other chamber.
Official term: Cosponsor
Cost estimate
A state agency's estimate of what a bill would cost or save.
Official term: Fiscal estimate