MO HB606

Repeals and reenacts sections 347.015 and 347.020 of Missouri law relating to limited liability company definitions and naming requirements.

Adds "low-profit limited liability company" (L3C) as a recognized form of limited liability company in Missouri, defined in the state's LLC statutes.

Requires low-profit LLCs to significantly further charitable or educational purposes under federal tax code 26 U.S.C. 170(c)(2)(B) and would not have been formed without that relationship.

Prohibits low-profit LLCs from having political or legislative purposes and from having income production or property appreciation as a significant purpose, though generating significant income does not conclusively prove otherwise.

Permits low-profit LLC names to include "low-profit limited liability company" or the abbreviation "L3C" in addition to standard LLC naming requirements.