Introduced
by
To authorize “low-profit limited liability companies” in Michigan, which are entities formed to accomplish a charitable or educational purpose and for which the production of income or capital gains are not a “significant purpose,” but may occur. Entities formed to accomplish a “legislative purpose” would not be eligible.
Referred to the Committee on Commerce and Tourism
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 38 to 0 (details)
To authorize “low-profit limited liability companies” in Michigan, which are entities formed to accomplish a charitable or educational purpose and for which the production of income or capital gains are not a “significant purpose,” but may occur. Entities formed to accomplish a “legislative purpose” (lobbying) would not be eligible. See Senate Bill 1491.
Referred to the Committee on Commerce
Passed in the House 106 to 0 (details)
