ND HB1299

Creates a new definition of "low-profit limited liability company" (L3C) as a limited liability company that must significantly further one or more charitable or educational purposes under 26 U.S.C. 170(c)(2)(B) and would not have been formed without that relationship.

L3C entities may not have political or legislative purposes and may not have a significant purpose of producing income or appreciating property, though producing significant income is not conclusive evidence of such purpose without other factors.

L3C entities must use the name "low-profit limited liability company" or abbreviation "L3C" or "l3c" in their registered name, distinguishing them from standard limited liability companies which use "LLC" or "L.L.C."

Updates notice and signing requirements across multiple North Dakota Century Code sections to reference the definition of "signed" and "notice" under section 10-32-02 rather than specific subsection numbers.

Includes L3C entities in the definition of "passthrough entity" for tax purposes under section 57-38-31.1.