IN SB0501

Establishes a new restricted form of limited liability company called a "low profit limited liability company" (L3C) under Indiana Code Title 23-18.

Requires L3C articles of organization to declare that the primary objective is furthering charitable, religious, educational, or similar purposes under Internal Revenue Code Section 170(c)(2)(B).

Mandates L3C names contain "low profit limited liability company" or abbreviations "L.3.C." or "L3C" to distinguish them from standard limited liability companies.

Prohibits L3Cs from having income production or property appreciation as significant purposes, and forbids political or legislative objectives.

Allows L3Cs to convert to standard limited liability companies by amending articles of organization and changing their name within 30 days.