MN SF2063

Creates a new "low-profit limited liability company" (L3C) entity type under 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 making income production or property appreciation a significant purpose.

Prohibits L3Cs from having political or legislative purposes as defined in Internal Revenue Code section 170(c)(2)(D).

Allows L3Cs that cease meeting statutory requirements to continue as regular limited liability companies if they amend their articles and name within 60 days; failure to do so permits dissolution by court action or the Attorney General.