The Vermont Statutes Online
Corporations, Partnerships and Associations
LIMITED LIABILITY COMPANIES
LOW-PROFIT LIMITED LIABILITY COMPANIES
4163. Failure to meet requirements
(a) A limited
liability company that elects to be an L3C and subsequently fails to satisfy
any one of the requirements set forth in section 4162 of this title shall
immediately cease to be a low-profit limited liability company, but by
continuing to meet all the other requirements of this chapter, continues to
exist as a limited liability company.
(b) In the event
an L3C fails to satisfy the requirements of section 4162 of this title, the
company shall change its name to conform with subsection 4005(a) of this title.
(Added 2015, No. 17, § 2.)