IL SB0239 | 2009-2010 | 96th General Assembly
Status
Completed Legislative Action
Sponsorship: Partisan Bill (Democrat 5)
Status: Passed on August 4 2009 - 100% progression
Action: 2009-08-04 - Public Act . . . . . . . . . 96-0126
Text: Latest bill text (Enrolled) [HTML]
Sponsorship: Partisan Bill (Democrat 5)
Status: Passed on August 4 2009 - 100% progression
Action: 2009-08-04 - Public Act . . . . . . . . . 96-0126
Text: Latest bill text (Enrolled) [HTML]
Summary
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.
Title
LIMITED LIAB CO-LOW-PROFIT
Sponsors
| Sen. Michael Bond [D] | Sen. Jacqueline Collins [D] | Sen. David Koehler [D] | Sen. Dan Kotowski [D] |
| Sen. Heather Steans [D] |
Roll Calls
2009-05-07 - House - Third Reading in House (Y: 116 N: 0 NV: 2 Abs: 0) [PASS]
2009-04-02 - Senate - Third Reading in Senate (Y: 54 N: 0 NV: 0 Abs: 0) [PASS]
2009-04-02 - Senate - Third Reading in Senate (Y: 54 N: 0 NV: 0 Abs: 0) [PASS]
History
| Date | Chamber | Action |
|---|---|---|
| 2009-08-04 | Public Act . . . . . . . . . 96-0126 | |
| 2009-08-04 | Effective Date January 1, 2010 | |
| 2009-08-04 | Governor Approved | |
| 2009-06-05 | Sent to the Governor | |
| 2009-05-07 | Passed Both Houses | |
| 2009-05-07 | Third Reading - Short Debate - Passed 116-000-000 | |
| 2009-05-06 | Placed on Calendar Order of 3rd Reading - Short Debate | |
| 2009-05-06 | Second Reading - Short Debate | |
| 2009-04-29 | Placed on Calendar 2nd Reading - Short Debate | |
| 2009-04-29 | Do Pass / Short Debate Judiciary I - Civil Law Committee; 011-000-000 | |
| 2009-04-14 | Assigned to Judiciary I - Civil Law Committee | |
| 2009-04-02 | Referred to Rules Committee | |
| 2009-04-02 | First Reading | |
| 2009-04-02 | Chief House Sponsor Rep. Greg Harris | |
| 2009-04-02 | Placed on Calendar Order of First Reading | |
| 2009-04-02 | Arrived in House | |
| 2009-04-02 | Senate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a) | |
| 2009-04-02 | Third Reading - Passed; 059-000-000 | |
| 2009-04-02 | Placed on Calendar Order of 3rd Reading | |
| 2009-04-02 | Senate Floor Amendment No. 3 Adopted; Steans | |
| 2009-04-02 | Recalled to Second Reading | |
| 2009-04-02 | Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins | |
| 2009-03-31 | Senate Floor Amendment No. 3 Recommend Do Adopt Judiciary; 007-000-000 | |
| 2009-03-30 | Senate Floor Amendment No. 3 Assignments Refers to Judiciary | |
| 2009-03-30 | Placed on Calendar Order of 3rd Reading March 31, 2009 | |
| 2009-03-30 | Senate Floor Amendment No. 1 Adopted; Steans | |
| 2009-03-30 | Second Reading | |
| 2009-03-25 | Senate Floor Amendment No. 3 Referred to Assignments | |
| 2009-03-25 | Senate Floor Amendment No. 3 Filed with Secretary by Sen. Heather Steans | |
| 2009-03-25 | Senate Floor Amendment No. 2 Referred to Assignments | |
| 2009-03-25 | Senate Floor Amendment No. 2 Filed with Secretary by Sen. Heather Steans | |
| 2009-03-19 | Senate Floor Amendment No. 1 Recommend Do Adopt Judiciary; 009-000-000 | |
| 2009-03-18 | Senate Floor Amendment No. 1 Assignments Refers to Judiciary | |
| 2009-03-12 | Senate Floor Amendment No. 1 Referred to Assignments | |
| 2009-03-12 | Senate Floor Amendment No. 1 Filed with Secretary by Sen. Heather Steans | |
| 2009-03-11 | Placed on Calendar Order of 2nd Reading March 12, 2009 | |
| 2009-03-11 | Do Pass Judiciary; 011-000-000 | |
| 2009-03-05 | Postponed - Judiciary | |
| 2009-02-25 | Held in Judiciary | |
| 2009-02-20 | Added as Chief Co-Sponsor Sen. Dan Kotowski | |
| 2009-02-19 | Postponed - Judiciary | |
| 2009-02-10 | Added as Chief Co-Sponsor Sen. Michael Bond | |
| 2009-02-10 | Assigned to Judiciary | |
| 2009-02-04 | Added as Chief Co-Sponsor Sen. David Koehler | |
| 2009-02-04 | Referred to Assignments | |
| 2009-02-04 | First Reading | |
| 2009-02-04 | Filed with Secretary by Sen. Heather Steans |
