The Vermont Statutes Online
The Statutes below include the actions of the 2025 session of the General Assembly.
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
Subchapter
011
:
LOW-PROFIT LIMITED LIABILITY COMPANIES
(Cite as: 11 V.S.A. § 4162)
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§ 4162. Requirements
A limited liability company shall be organized for a business purpose that satisfies,
and shall at all times be operated to satisfy, each of the following requirements:
(1) The company:
(A) significantly furthers the accomplishment of one or more charitable or educational
purposes within the meaning of 26 U.S.C. § 170(c)(2)(B); and
(B) 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; provided, however, that the fact that a person produces significant income
or capital appreciation shall not, in the absence of other factors, be conclusive
evidence of a significant purpose involving the production of income or the appreciation
of property.
(3) No purpose of the company is to accomplish one or more political or legislative purposes
within the meaning of 26 U.S.C. § 170(c)(2)(D). (Added 2015, No. 17, § 2.)