LIMITED LIAB CO-LOW-PROFIT Senate SponsorsSen. Heather Steans-Michael Bond-David Koehler-Dan Kotowski-Jacqueline Y. Collins House Sponsors(Rep. Greg Harris) 8/4/2009SenatePublic Act . . . . . . . . . 96-0126 805 ILCS 180/1-5805 ILCS 180/1-10805 ILCS 180/1-26 newAmends 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.Senate Floor Amendment No. 1 Adds language providing that any company operating or holding itself out as a low-profit limited liability company in Illinois, any company formed as a low-profit limited liability company under the Limited Liability Company Act, and any chief operating officer, director, or manager of any such company is a "trustee" as defined in Section 3 of the Charitable Trust Act.Senate Floor Amendment No. 3 Adds reference to:805 ILCS 180/15-5Deletes everything after the enacting clause and reinserts similar provisions with the following additional changes: defines "L3C" or "low-profit limited liability company" to mean a for profit limited liability company (rather than a limited liability company); provides that a company that no longer satisfies the requirements for a low-profit limited liability company continues to exist as a limited liability company and shall promptly amend its articles of organization so that its name and purposes no longer identify it as a low-profit limited liability company (rather than a company that ceases to satisfy any one of the requirements for a low-profit limited liability company immediately ceases to be a low-profit limited liability company but shall continue as a limited liability company); establishes that any company not organized as a low-profit limited liability company may still elect a charitable or educational business purpose; and provides that the operating agreement of a low-profit limited liability company shall not eliminate or reduce the obligations or purposes a low-profit limited liability company undertakes when organized under the Limited Liability Company Act. 2/4/2009SenateFiled with Secretary by Sen. Heather Steans 2/4/2009SenateFirst Reading 2/4/2009SenateReferred to Assignments 2/4/2009SenateAdded as Chief Co-Sponsor Sen. David Koehler 2/10/2009SenateAssigned to Judiciary 2/10/2009SenateAdded as Chief Co-Sponsor Sen. Michael Bond 2/19/2009SenatePostponed - Judiciary 2/20/2009SenateAdded as Chief Co-Sponsor Sen. Dan Kotowski 2/25/2009SenateHeld in Judiciary 3/5/2009SenatePostponed - Judiciary 3/11/2009SenateDo Pass Judiciary; 011-000-000 3/11/2009SenatePlaced on Calendar Order of 2nd Reading March 12, 2009 3/12/2009SenateSenate Floor Amendment No. 1 Filed with Secretary by Sen. Heather Steans 3/12/2009SenateSenate Floor Amendment No. 1 Referred to Assignments 3/18/2009SenateSenate Floor Amendment No. 1 Assignments Refers to Judiciary 3/19/2009SenateSenate Floor Amendment No. 1 Recommend Do Adopt Judiciary; 009-000-000 3/25/2009SenateSenate Floor Amendment No. 2 Filed with Secretary by Sen. Heather Steans 3/25/2009SenateSenate Floor Amendment No. 2 Referred to Assignments 3/25/2009SenateSenate Floor Amendment No. 3 Filed with Secretary by Sen. Heather Steans 3/25/2009SenateSenate Floor Amendment No. 3 Referred to Assignments 3/30/2009SenateSecond Reading 3/30/2009SenateSenate Floor Amendment No. 1 Adopted; Steans 3/30/2009SenatePlaced on Calendar Order of 3rd Reading March 31, 2009 3/30/2009SenateSenate Floor Amendment No. 3 Assignments Refers to Judiciary 3/31/2009SenateSenate Floor Amendment No. 3 Recommend Do Adopt Judiciary; 007-000-000 4/2/2009SenateAdded as Chief Co-Sponsor Sen. Jacqueline Y. Collins 4/2/2009SenateRecalled to Second Reading 4/2/2009SenateSenate Floor Amendment No. 3 Adopted; Steans 4/2/2009SenatePlaced on Calendar Order of 3rd Reading 4/2/2009SenateThird Reading - Passed; 059-000-000 4/2/2009SenateSenate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a) 4/2/2009HouseArrived in House 4/2/2009HousePlaced on Calendar Order of First Reading 4/2/2009HouseChief House Sponsor Rep. Greg Harris 4/2/2009HouseFirst Reading 4/2/2009HouseReferred to Rules Committee 4/14/2009HouseAssigned to Judiciary I - Civil Law Committee 4/29/2009HouseDo Pass / Short Debate Judiciary I - Civil Law Committee; 011-000-000 4/29/2009HousePlaced on Calendar 2nd Reading - Short Debate 5/6/2009HouseSecond Reading - Short Debate 5/6/2009HousePlaced on Calendar Order of 3rd Reading - Short Debate 5/7/2009HouseThird Reading - Short Debate - Passed 116-000-000 5/7/2009SenatePassed Both Houses 6/5/2009SenateSent to the Governor 8/4/2009SenateGovernor Approved 8/4/2009SenateEffective Date January 1, 2010 8/4/2009SenatePublic Act . . . . . . . . . 96-0126