MO HB1890

Defines a "low-profit limited liability company" (L3C) as an LLC organized to significantly further charitable or educational purposes under Internal Revenue Code Section 170(c)(2)(B), and that would not have been formed but for this charitable relationship.

Requires L3Cs to have no significant purpose of producing income or appreciating property, and prohibits any purpose of accomplishing political or legislative purposes as defined in Internal Revenue Code Section 170(c)(2)(D).

Mandates L3C company names include "low-profit limited liability company" or the abbreviation "L3C" or "l3c," and requires articles of organization to state whether the company is an L3C.

Provides that an L3C automatically ceases L3C status and reverts to regular LLC status if it fails to meet any L3C requirements, but must change its name within 60 days to comply with naming requirements.

Allows the Attorney General to seek involuntary dissolution of an L3C through circuit court if the company fails to amend its name to comply with requirements within 60 days of ceasing to meet L3C standards.