MO HB1561

Defines "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), formed primarily for those purposes rather than income production or property appreciation.

Requires L3C names to include "low-profit limited liability company" or the abbreviation "L3C" or "l3c" to distinguish them from standard LLCs.

Mandates that articles of organization for an LLC must indicate whether the company is an L3C.

Allows involuntary dissolution by the attorney general if an L3C ceases to meet the charitable/educational purpose requirements and fails to amend its name to comply with naming requirements within 60 days.

Includes L3Cs within the definition of "domestic limited liability company" under Missouri law while maintaining all other LLC legal protections and requirements.