Section 1301 – Application of this part.
48-3a-1301. Application of this part. If a conflict arises between this part and another provision of this chapter, this part controls. Enacted by Chapter 412, 2013 General Session
Section 1302 – Requirements.
48-3a-1302. Requirements. (1) To be a low-profit limited liability company, a limited liability company shall: (a) contain in its name the abbreviation “L3C” or “l3c”; (b) state in its certificate of organization that it is a low-profit limited liability company; (c) organize under this chapter; and (d) be organized for a business purpose that satisfies, […]
Section 1303 – Ceasing to be a low-profit limited liability company.
48-3a-1303. Ceasing to be a low-profit limited liability company. (1) If a limited liability company that is a low-profit limited liability company at its formation at any time ceases to meet a requirement to be a low-profit limited liability company under Section 48-3a-1302, the limited liability company: (a) ceases to be a low-profit limited liability […]
Section 1304 – Merger, interest exchange, conversion, or domestication of a low-profit limited liability company.
48-3a-1304. Merger, interest exchange, conversion, or domestication of a low-profit limited liability company. A low-profit limited liability company may engage in a merger, interest exchange, conversion, or domestication under Part 10, Merger, Interest Exchange, Conversion, and Domestication, to the same extent as a limited liability company that is not a low-profit limited liability company. Enacted […]