CT SB00403

Adds definition of "low-profit limited liability company" (L3C) to general statutes, requiring articles of organization to establish formation for charitable or educational purposes under Internal Revenue Code Section 170(c)(2)(B), with prohibition on primarily producing income or accomplishing political or legislative purposes.

Requires low-profit limited liability companies to include "Low-profit Limited Liability Company" or "L3C" designation in their articles of organization name, in addition to existing LLC naming requirements.

Modifies articles of organization requirements to mandate disclosure of whether a limited liability company is a low-profit limited liability company and renumbers subsequent disclosure items accordingly.

Renumbers definitional subsections (15) through (28) in section 34-101 to accommodate new low-profit limited liability company definition.

All amendments effective July 1, 2012.