Illinois 96th Regular Session Status: Enacted

SB 239 — LIMITED LIAB CO-LOW-PROFIT

Last action — Public Act . . . . . . . . . 96-0126

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 04, 2009. Enacted.

Prognosis

Likely to advance 70% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    0 primary, 1 co-sponsors signed on.

  • Cleared a recorded vote

    Passed 2 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

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.

Bill Text

What changed in the latest version

12 added · 12 removed

Plain-language change summary

The recent changes to SB 239 indicate a shift from an "engrossed" version of the bill to an "enrolled" version. This typically means that the bill has undergone final modifications and is ready for formal approval. The transition reflects an important step in the legislative process, indicating that the bill has been vetted and is closer to becoming law, which could impact how certain policies are implemented in the future.

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Previous
Latest
SB0239 Engrossed LRB096 07539 KTG 17634 b AN ACT concerning business.
SB0239 Enrolled LRB096 07539 KTG 17634 b AN ACT concerning business.
"Assumed limited liability company name" means any limited SB0239 Engrossed - 2 - LRB096 07539 KTG 17634 b liability company name other than the true limited liability company name, except that the identification by a limited liability company of its business with a trademark or service mark of which it is the owner or licensed user shall not constitute the use of an assumed name under this Act.
"Assumed limited liability company name" means any limited SB0239 Enrolled - 2 - LRB096 07539 KTG 17634 b liability company name other than the true limited liability company name, except that the identification by a limited liability company of its business with a trademark or service mark of which it is the owner or licensed user shall not constitute the use of an assumed name under this Act.
"Distributional interest" means all of a member's interest SB0239 Engrossed - 3 - LRB096 07539 KTG 17634 b in distributions by the limited liability company.
"Distributional interest" means all of a member's interest SB0239 Enrolled - 3 - LRB096 07539 KTG 17634 b in distributions by the limited liability company.
SB0239 Engrossed - 4 - LRB096 07539 KTG 17634 b "Manager" means a person, whether or not a member of a manager-managed company, who is vested with authority under Section 13-5.
SB0239 Enrolled - 4 - LRB096 07539 KTG 17634 b "Manager" means a person, whether or not a member of a manager-managed company, who is vested with authority under Section 13-5.
SB0239 Engrossed - 5 - LRB096 07539 KTG 17634 b "Registered office" means that office maintained by the limited liability company in this State, the address, including street, number, city and county, of which is on file in the office of the Secretary of State, at which, any process, notice, or demand required or permitted by law may be served upon the registered agent of the limited liability company.
SB0239 Enrolled - 5 - LRB096 07539 KTG 17634 b "Registered office" means that office maintained by the limited liability company in this State, the address, including street, number, city and county, of which is on file in the office of the Secretary of State, at which, any process, notice, or demand required or permitted by law may be served upon the registered agent of the limited liability company.
(1) shall contain the terms "limited liability company", "L.L.C.", or "LLC", or, if organized as a SB0239 Engrossed - 6 - LRB096 07539 KTG 17634 b low-profit limited liability company under Section 1-26 of this Act, shall contain the term "L3C";
(1) shall contain the terms "limited liability company", "L.L.C.", or "LLC", or, if organized as a SB0239 Enrolled - 6 - LRB096 07539 KTG 17634 b low-profit limited liability company under Section 1-26 of this Act, shall contain the term "L3C";
The word "trust", "trustee", or SB0239 Engrossed - 7 - LRB096 07539 KTG 17634 b "fiduciary" may be used by a limited liability company only if it has first complied with Section 1-9 of the Corporate Fiduciary Act;
The word "trust", "trustee", or SB0239 Enrolled - 7 - LRB096 07539 KTG 17634 b "fiduciary" may be used by a limited liability company only if it has first complied with Section 1-9 of the Corporate Fiduciary Act;
(4) Any assumed name that is registered with the SB0239 Engrossed - 8 - LRB096 07539 KTG 17634 b Secretary of State under Section 1-20.
(4) Any assumed name that is registered with the SB0239 Enrolled - 8 - LRB096 07539 KTG 17634 b Secretary of State under Section 1-20.
SB0239 Engrossed - 9 - LRB096 07539 KTG 17634 b (a) A low-profit limited liability company shall at all times significantly further the accomplishment of one or more charitable or educational purposes within the meaning of Section 170(c)(2)(B) of the Internal Revenue Code of 1986, 26 U.S.C.
SB0239 Enrolled - 9 - LRB096 07539 KTG 17634 b (a) A low-profit limited liability company shall at all times significantly further the accomplishment of one or more charitable or educational purposes within the meaning of Section 170(c)(2)(B) of the Internal Revenue Code of 1986, 26 U.S.C.
(c) A company that no longer satisfies the requirements of this Section 1-26 continues to exist as a limited liability company and shall promptly amend its articles of organization so that its name and purpose no longer identify it as a SB0239 Engrossed - 10 - LRB096 07539 KTG 17634 b low-profit limited liability company or L3C.
(c) A company that no longer satisfies the requirements of this Section 1-26 continues to exist as a limited liability company and shall promptly amend its articles of organization so that its name and purpose no longer identify it as a SB0239 Enrolled - 10 - LRB096 07539 KTG 17634 b low-profit limited liability company or L3C.
(1) unreasonably restrict a right to information or SB0239 Engrossed - 11 - LRB096 07539 KTG 17634 b access to records under Section 10-15;
(1) unreasonably restrict a right to information or SB0239 Enrolled - 11 - LRB096 07539 KTG 17634 b access to records under Section 10-15;
or (6.5) eliminate or reduce the obligations or purposes a SB0239 Engrossed - 12 - LRB096 07539 KTG 17634 b low-profit limited liability company undertakes when organized under Section 1-26;
or (6.5) eliminate or reduce the obligations or purposes a SB0239 Enrolled - 12 - LRB096 07539 KTG 17634 b low-profit limited liability company undertakes when organized under Section 1-26;
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Action History

  1. Public Act . . . . . . . . . 96-0126

  2. Effective Date January 1, 2010

  3. Governor Approved

  4. Sent to the Governor

  5. Passed Both Houses

  6. Third Reading - Short Debate - Passed 116-000-000

  7. Placed on Calendar Order of 3rd Reading - Short Debate

  8. Second Reading - Short Debate

  9. Placed on Calendar 2nd Reading - Short Debate

  10. Do Pass / Short Debate Judiciary I - Civil Law Committee; 011-000-000

  11. Assigned to Judiciary I - Civil Law Committee

  12. Referred to Rules Committee

  13. First Reading

  14. Chief House Sponsor Rep. Greg Harris

  15. Placed on Calendar Order of First Reading

  16. Arrived in House

  17. Senate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a)

  18. Third Reading - Passed; 059-000-000

  19. Placed on Calendar Order of 3rd Reading

  20. Senate Floor Amendment No. 3 Adopted; Steans

  21. Recalled to Second Reading

  22. Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins

  23. Senate Floor Amendment No. 3 Recommend Do Adopt Judiciary; 007-000-000

  24. Senate Floor Amendment No. 3 Assignments Refers to Judiciary

  25. Placed on Calendar Order of 3rd Reading March 31, 2009

  26. Senate Floor Amendment No. 1 Adopted; Steans

  27. Second Reading

  28. Senate Floor Amendment No. 3 Referred to Assignments

  29. Senate Floor Amendment No. 3 Filed with Secretary by Sen. Heather Steans

  30. Senate Floor Amendment No. 2 Referred to Assignments

  31. Senate Floor Amendment No. 2 Filed with Secretary by Sen. Heather Steans

  32. Senate Floor Amendment No. 1 Recommend Do Adopt Judiciary; 009-000-000

  33. Senate Floor Amendment No. 1 Assignments Refers to Judiciary

  34. Senate Floor Amendment No. 1 Referred to Assignments

  35. Senate Floor Amendment No. 1 Filed with Secretary by Sen. Heather Steans

  36. Placed on Calendar Order of 2nd Reading March 12, 2009

  37. Do Pass Judiciary; 011-000-000

  38. Postponed - Judiciary

  39. Held in Judiciary

  40. Added as Chief Co-Sponsor Sen. Dan Kotowski

  41. Postponed - Judiciary

  42. Added as Chief Co-Sponsor Sen. Michael Bond

  43. Assigned to Judiciary

  44. Added as Chief Co-Sponsor Sen. David Koehler

  45. Referred to Assignments

  46. First Reading

  47. Filed with Secretary by Sen. Heather Steans

Sponsors

  • Heather Steans · Cosponsor

Sponsorship breakdown

Export CSV (upgrade) →

0 sponsors · 1 co-sponsors · 182 not signed on

Sponsors (0)

None.

Co-sponsors (1)

  • Heather Steans

Not signed on (182)

182 members have not signed on to this bill.

Show all 182 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 116 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 101002
Democrat 11000
Republican 4000
Total 116002
% of votes cast 98%0%0%2%
How each member voted (118)
Member Party Vote
Myers — Yea
Holbrook — Yea
Jackson — Yea
Lang — Yea
Leitch — Yea
May — Yea
McAuliffe — Yea
McCarthy — Yea
Davis, Monique — Yea
Mell — Yea
Mendoza — Yea
Reitz — Yea
Senger — Yea
Sommer — Yea
Soto — Yea
Lyons — Yea
Bradley — Yea
McGuire — Yea
Brady — Yea
Sullivan — Yea
Burke — Yea
Dugan — Yea
Dunkin — Yea
Durkin — Yea
Eddy — Yea
Farnham — Yea
Flider — Yea
Flowers — Yea
Fortner — Yea
Franks — Yea
Fritchey — Yea
Froehlich — Yea
Jefferson — Yea
Kosel — Yea
Mitchell, Bill — Yea
Madigan — Yea
Mitchell, Jerry — Yea
Gordon, Careen — Yea
Gordon, Jehan — Yea
Mulligan — Yea
Nekritz — Yea
Osmond — Yea
Phelps — Yea
Hannig — Yea
Harris — Yea
Pihos — Yea
Watson — Yea
Hernandez — Yea
Thapedi — Yea
Tryon — Yea
Turner — Yea
Howard — Yea
Verschoore — Yea
Wait — Yea
Washington — Yea
Winters — Yea
Zalewski — Yea
Cavaletto — Yea
Coladipietro — Yea
Cross — Yea
Cultra — Yea
Currie — Not Voting
D'Amico — Yea
Golar — Yea
Graham — Yea
Hamos — Yea
Hatcher — Yea
Jakobsson — Yea
Osterman — Not Voting
Poe — Yea
Pritchard — Yea
Ramey — Yea
Reboletti — Yea
Reis — Yea
Riley — Yea
Ryg — Yea
Sacia — Yea
Saviano — Yea
Schmitz — Yea
Yarbrough — Yea
Acevedo — Yea
Arroyo — Yea
Bassi — Yea
Beaubien — Yea
Beiser — Yea
Bellock — Yea
Mathias — Yea
Berrios — Yea
Biggins — Yea
Mautino — Yea
Black — Yea
Boland — Yea
Bost — Yea
Brauer — Yea
Brosnahan — Yea
Burns — Yea
Cole — Yea
Colvin — Yea
Connelly — Yea
McAsey — Yea
Moffitt — Yea
Coulson — Yea
Chapa LaVia — Yea
Anthony DeLuca Democrat Yea
Fred Crespo Democrat Yea
Jay Hoffman Democrat Yea
La Shawn K. Ford Democrat Yea
Lakesia Collins Democrat Yea
Mark L. Walker Democrat Yea
Nicholas K. Smith Democrat Yea
Patrick J. Joyce Democrat Yea
Robert "Bob" Rita Democrat Yea
Sara Feigenholtz Democrat Yea
William "Will" Davis Democrat Yea
Brad Stephens Republican Yea
Chapin Rose Republican Yea
Chris Miller Republican Yea
Jil Tracy Republican Yea

Official roll call →

Third Reading

Passed 59 Yea · 0 Nay
Party YeaNayPresentNot Voting
Democrat 9000
Unaffiliated 49000
Republican 1000
Total 59000
% of votes cast 100%0%0%0%
How each member voted (59)
Member Party Vote
Noland — Yea
McCarter — Yea
Meeks — Yea
Millner — Yea
Schoenberg — Yea
Silverstein — Yea
Steans — Yea
Demuzio — Yea
Jacobs — Yea
Munoz — Yea
Jones, J. — Yea
Brady — Yea
Sullivan — Yea
Dillard — Yea
Duffy — Yea
Forby — Yea
Hutchinson — Yea
Lauzen — Yea
Link — Yea
Luechtefeld — Yea
Maloney — Yea
Cullerton — Yea
Trotter — Yea
Viverito — Yea
Wilhelmi — Yea
Clayborne — Yea
Cronin — Yea
Crotty — Yea
Dahl — Yea
DeLeo — Yea
Haine — Yea
Hendon — Yea
Hultgren — Yea
Kotowski — Yea
Pankau — Yea
Radogno — Yea
Raoul — Yea
Righter — Yea
Risinger — Yea
Rutherford — Yea
Sandoval — Yea
Althoff — Yea
Martinez — Yea
Bivins — Yea
Bomke — Yea
Bond — Yea
Burzynski — Yea
Frerichs — Yea
Garrett — Yea
David Koehler Democrat Yea
Don Harmon Democrat Yea
Emil Jones, III Democrat Yea
Eva-Dina Delgado Democrat Yea
Kimberly A. Lightford Democrat Yea
Lakesia Collins Democrat Yea
Laura M. Murphy Democrat Yea
Linda Holmes Democrat Yea
Mattie Hunter Democrat Yea
Dave Syverson Republican Yea

Official roll call →

Subjects

labor education
Cross-referencing the record. Reading this bill against every other bill in the corpus by meaning, not keywords. Only the first open is slow. It’s instant for you after this. Matching · Ranking · Engrossing

Frequently asked questions

What does SB 239 do?
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.
Who sponsors SB 239?
SB 239 is sponsored by Heather Steans.
What is the current status of SB 239?
This bill has been enacted into law. Introduced February 04, 2009. Enacted.
Where can I track SB 239?
Track SB 239 free on One Click Politics — get push/email alerts when it moves.

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