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SENATE PROPOSAL OF AMENDMENT 2007-2008

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H.775

 

An act relating to relating to low-profit limited liability companies.

 

     The Senate proposes to the House to amend the bill as follows:

First:  In Sec. 1, 11 V.S.A. § 3001(23)(D), at the end, after the period, by adding the following:  The name of the company must be changed to be in conformance with subsection 3005(a) of this title.

Second:  By striking out Sec. 2 in its entirety and inserting in lieu thereof a new Sec. 2 to read as follows:

Sec. 2.  11 V.S.A. § 3005(a) is amended to read:

(a)(1)  The Except for low-profit limited liability companies, the name of a limited liability company as set forth in its articles of organization shall contain the words “limited liability company” or “limited company” or the abbreviation “L.L.C.,” “LLC,” “L.C.,” or “LC.”  The word “limited” may be abbreviated as “Ltd.” and “company” may be abbreviated as “Co.” in a limited liability company name. 

(2)  The name of a low-profit limited liability company as defined in subdivision 3001(23) of this chapter shall contain the abbreviation L3C or l3c.

Third:  By adding a new section, to be Sec. 4, to read as follows:

Sec. 4.  EFFECTIVE DATE

This act shall take effect upon passage.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us