IL SB2359

Amends the Limited Liability Company Act to expand the allowable purposes of low-profit limited liability companies (L3Cs) to include religious, scientific, and literary purposes, as well as fostering amateur sports competition and preventing cruelty to children or animals.

Requires L3Cs to state in their articles of organization that no significant purpose is income production or property appreciation, and that no purpose involves political or legislative activities as defined by the Internal Revenue Code.

Companies that cease to meet L3C requirements must promptly amend their articles of organization to remove identification as a low-profit limited liability company or L3C, though they continue to exist as regular limited liability companies.

Establishes that companies operating as L3Cs, their officers, directors, and managers are defined as "trustees" under the Charitable Trust Act and subject to its provisions.

Permits limited liability companies not organized under the L3C provisions to voluntarily elect to operate for the charitable, religious, scientific, literary, or other qualifying purposes listed in the statute.