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Bills · 2015-2016 Regular Session

AB 60

Died at session end Official bill text Atom feed

Relating to: creation of a category of limited liability company identified as a low-profit limited liability company.

Corporation

  1. Introduced, stopped here
  2. Passes Assembly, not reached
  3. Passes Senate, not reached
  4. Governor signs, not reached
  5. Law, not reached

Unfamiliar terms? Glossary

What this bill does

Plain-language analysis by the nonpartisan Legislative Reference Bureau

This bill allows an entity operated for profit and organized as a limited liability

company (LLC) to become a low-profit LLC by stating in its articles of organization

that it is a low-profit LLC. However, to qualify as a low-profit LLC, an LLC must

significantly further the accomplishment of one or more charitable or educational

purposes, cannot have the production of income or appreciation of property as its

primary purpose, and cannot have any political or legislative purpose. In general,

provisions of law applicable to LLCs also apply to low-profit LLCs, although one of

the permissible identifiers in the name of a low-profit LLC is "L3C" instead of "LLC."

Sponsors

Introduced by: Barca (D) , Berceau (D) , C. Taylor (D) , Genrich (D) , Goyke (D) , Hesselbein (D) , Hintz (D) , Johnson (D) , Kleefisch (R) , Knodl (R) , Knudson (R) , Kolste (D) , Kooyenga (R) , Kremer (R) , Kulp (R) , Macco (R) , Quinn (R) , Sanfelippo (R) , Spreitzer (D) , Subeck (D) , Zamarripa (D)

4 cosponsors

Darling (R) , Hansen (D) , Olsen (R) , Wanggaard (R)

Full history

  1. Feb 23, 2015 · Assembly

    Introduced by Representatives Kooyenga, Genrich, Macco, Johnson, Goyke, Knudson, Sanfelippo, Subeck, Kleefisch, C. Taylor, Kulp, Kolste, Quinn, Knodl, Hesselbein, Barca, Berceau, Kremer, Zamarripa, Spreitzer and Hintz; cosponsored by Senators Darling, Wanggaard, Hansen and Olsen

  2. Feb 23, 2015 · Assembly

    Read first time and referred to Committee on Financial Institutions

  3. Apr 13, 2016 · Assembly

    Failed to pass pursuant to Senate Joint Resolution 1