OK HB1088

Amends the Oklahoma Limited Liability Company Act to permit formation of low-profit limited liability companies (L3Cs) that significantly further charitable or educational purposes and do not have income production as a significant purpose.

Requires L3Cs to state their status in articles of organization and include "low-profit limited liability company" or "L3C" in their company name.

Establishes that L3Cs automatically cease to be low-profit entities if they fail to meet statutory requirements, but continue as regular limited liability companies if they otherwise qualify.

Mandates that companies losing L3C status must change their name and amend articles of organization to comply with standard LLC naming requirements.

Provides that production of significant income or capital appreciation alone does not conclusively prove an L3C has an impermissible profit-making purpose.