Section 48-3a-1302 - Requirements(1) To be a low-profit limited liability company, a limited liability company shall: (a) contain in its name the abbreviation "L3C" or "l3c";(b) state in its certificate of organization that it is a low-profit limited liability company;(c) organize under this chapter; and(d) be organized for a business purpose that satisfies, and at all times operates to satisfy each of the requirements under Subsection (2).(2) A low-profit limited liability company: (a) shall significantly further the accomplishment of one or more charitable or educational purposes within the meaning of Section 170(c)(2)(B), Internal Revenue Code;(b) shall demonstrate that it would not be formed but for the limited liability company's relationship to the accomplishment of a charitable or educational purpose;(c) subject to Subsection (3), may not have as a significant purpose the production of income or the appreciation of property; and(d) may not have as a purpose to accomplish one or more political or legislative purposes within the meaning of Section 170(c)(2)(D), Internal Revenue Code.(3) Notwithstanding Subsection (2), if a low-profit limited liability company produces significant income or capital appreciation, in the absence of other factors, the fact that the low-profit limited liability company produces significant income or capital appreciation is not conclusive evidence of a significant purpose involving the production of income or the appreciation of property.Added by Chapter 412, 2013 General Session ,§ 409, eff. 1/1/2014.