MN HF2702

Creates a new "low-profit limited liability company" (L3C) structure in Minnesota law, defined as a limited liability company organized under section 322B.976.

Requires L3C articles of organization to include a statement that the company is formed for both business and charitable purposes and will operate as an L3C in accordance with statutory requirements.

Mandates that L3Cs must significantly further charitable or educational purposes under Internal Revenue Code section 170(c)(2)(B) and prohibits income production or property appreciation as a significant purpose.

Requires L3Cs to use "low-profit limited liability company" or "L3C" in their legal name to distinguish them from standard limited liability companies.

Allows courts to dissolve an L3C if it ceases meeting L3C requirements for 60 or more days and fails to amend its articles to convert to a standard limited liability company; permits the company to continue as a regular LLC upon prompt amendment of its articles and name.