Virginia Senate Bill 351 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 11 2012 - 25% progression, died in chamber
Action: 2012-02-06 - Senate: Passed by indefinitely in Commerce and Labor (9-Y 6-N)
Text: Latest bill text (Prefiled) [HTML]

Low-profit limited liability companies. Provides for the designation of a type of limited liability company as low-profit limited liability company. A low-profit limited liability company is a limited liability company that has both a business purpose and a charitable purpose. With regard to the charitable purpose, a low-profit limited liability company is required to accomplish one or more charitable or educational purposes, not be operated so that a significant purpose is the production of income or the appreciation of property, and not have a political or legislative purpose.

Limited liability companies; provides for designation of a type of company as low-profit.

Sen. Creigh Deeds [D]

2012-02-06 - Senate - Senate: Passed by indefinitely in Commerce and Labor (9-Y 6-N) (Y: 9 N: 6 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2012-02-06		Senate: Passed by indefinitely in Commerce and Labor (9-Y 6-N)
2012-01-11		Senate: Referred to Committee on Commerce and Labor
2012-01-11		Senate: Prefiled and ordered printed; offered 01/11/12 12100029D

Chapter	Article	Section	Citation Type	Statute Text
13	1	1002	(n/a)	See Bill Text
13	1	1008	(n/a)	See Bill Text
13	1	1011	(n/a)	See Bill Text
13	1	1012	(n/a)	See Bill Text
13	1	1050.3	(n/a)	See Bill Text

Type	Source
Summary	https://lis.virginia.gov/cgi-bin/legp604.exe?121+sum+SB351
Text	https://lis.virginia.gov/cgi-bin/legp604.exe?121+ful+SB351+hil
Roll Call	https://lis.virginia.gov/cgi-bin/legp604.exe?121+vot+S02V0048+SB0351