GA96SB239 96 SB 239 LIMITED LIAB CO-LOW-PROFIT Amends the Limited Liability Company Act. Allows for the creation of a low-profit limited liability company or L3C. Defines "L3C" or "low-profit limited liability company" to mean a limited liability company that does not have as a significant purpose the production of income or the appreciation of property and is organized for a business purpose that satisfies and is at all times operated to satisfy each of the following requirements: (1) it significantly furthers the accomplishment of one or more educational purposes within the meaning of the Internal Revenue Code of 1986 and would not have been formed but for the company's relationship to the accomplishment of charitable or educational purposes; (2) no significant purpose of the company is the production of income or the appreciation of property; and (3) the purpose of the company is not to accomplish one or more political or legislative purposes. Also provides that if a company which met the requirements of a low-profit limited liability company at its formation should at any time cease to satisfy any one of those requirements, it shall then immediately cease to be a low-profit limited liability company. Makes other changes. http://www.ilga.gov/legislation/BillStatus.asp?DocNum=239&GAID=10&DocTypeID=SB&LegId=40822&SessionID=76&GA=96 2009-08-04 00:00:00 Senate Effective Date January 1, 2010 0 45 2009-08-04 00:00:00 Senate Governor Approved 0 44 2009-06-05 00:00:00 Senate Sent to the Governor 0 43 2009-04-29 00:00:00 House Placed on Calendar 2nd Reading - Short Debate 0 38 2009-05-06 00:00:00 House Second Reading - Short Debate 1 39 2009-05-06 00:00:00 House Placed on Calendar Order of 3rd Reading - Short Debate 0 40 2009-05-07 00:00:00 House Third Reading - Short Debate - Passed 116-000-000 1 41 2009-05-07 00:00:00 Senate Passed Both Houses 0 42 2009-04-29 00:00:00 House Do Pass / Short Debate Judiciary I - Civil Law Committee; 011-000-000 0 37 HJUA 2009-04-14 00:00:00 House Assigned to Judiciary I - Civil Law Committee 0 36 HJUA 2009-04-02 00:00:00 House First Reading 1 34 2009-04-02 00:00:00 House Referred to Rules Committee 0 35 HRUL 2009-04-02 00:00:00 House Arrived in House 0 31 2009-04-02 00:00:00 House Placed on Calendar Order of First Reading 0 32 2009-04-02 00:00:00 House Chief House Sponsor Rep. Greg Harris 0 33 2009-04-02 00:00:00 Senate Senate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a) 0 30 2009-04-02 00:00:00 Senate Third Reading - Passed; 059-000-000 1 29 2009-04-02 00:00:00 Senate Placed on Calendar Order of 3rd Reading 0 28 2009-04-02 00:00:00 Senate Senate Floor Amendment No. 3 Adopted; Steans 0 27 2009-04-02 00:00:00 Senate Recalled to Second Reading 0 26 2009-04-02 00:00:00 Senate Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins 0 25 2009-03-30 00:00:00 Senate Senate Floor Amendment No. 3 Assignments Refers to Judiciary 0 23 SJUD 2009-03-31 00:00:00 Senate Senate Floor Amendment No. 3 Recommend Do Adopt Judiciary; 007-000-000 0 24 SJUD 2009-03-30 00:00:00 Senate Placed on Calendar Order of 3rd Reading March 31, 2009 0 22 2009-03-30 00:00:00 Senate Second Reading 1 20 2009-03-30 00:00:00 Senate Senate Floor Amendment No. 1 Adopted; Steans 0 21 2009-03-25 00:00:00 Senate Senate Floor Amendment No. 3 Referred to Assignments 0 19 SCOA 2009-03-25 00:00:00 Senate Senate Floor Amendment No. 2 Referred to Assignments 0 17 SCOA 2009-03-25 00:00:00 Senate Senate Floor Amendment No. 3 Filed with Secretary by Sen. Heather Steans 0 18 2009-03-18 00:00:00 Senate Senate Floor Amendment No. 1 Assignments Refers to Judiciary 0 14 SJUD 2009-03-19 00:00:00 Senate Senate Floor Amendment No. 1 Recommend Do Adopt Judiciary; 009-000-000 0 15 SJUD 2009-03-25 00:00:00 Senate Senate Floor Amendment No. 2 Filed with Secretary by Sen. Heather Steans 0 16 2009-03-12 00:00:00 Senate Senate Floor Amendment No. 1 Referred to Assignments 0 13 SCOA 2009-03-12 00:00:00 Senate Senate Floor Amendment No. 1 Filed with Secretary by Sen. Heather Steans 0 12 2009-03-11 00:00:00 Senate Placed on Calendar Order of 2nd Reading March 12, 2009 0 11 2009-03-11 00:00:00 Senate Do Pass Judiciary; 011-000-000 0 10 SJUD 2009-03-05 00:00:00 Senate Postponed - Judiciary 0 9 SJUD 2009-02-25 00:00:00 Senate Held in Judiciary 0 8 SJUD 2009-02-20 00:00:00 Senate Added as Chief Co-Sponsor Sen. Dan Kotowski 0 7 2009-02-19 00:00:00 Senate Postponed - Judiciary 0 6 SJUD 2009-02-10 00:00:00 Senate Added as Chief Co-Sponsor Sen. Michael Bond 0 5 2009-02-10 00:00:00 Senate Assigned to Judiciary 0 4 SJUD 2009-02-04 00:00:00 Senate Added as Chief Co-Sponsor Sen. David Koehler 0 3 2009-02-04 00:00:00 Senate First Reading 1 1 2009-02-04 00:00:00 Senate Referred to Assignments 0 2 SCOA 2009-02-04 00:00:00 Senate Filed with Secretary by Sen. Heather Steans 0 0 2009-08-04 00:00:00 Senate Public Act . . . . . . . . . 96-0126 1 46 JacquelineYCollins Senate Chief Co-Sponsor DanKotowski Senate Chief Co-Sponsor DavidKoehler Senate Chief Co-Sponsor MichaelBond Senate Chief Co-Sponsor GregHarris House Chief Sponsor HeatherSteans Senate Chief Sponsor