The Vermont Statutes Online
NOTE: The Vermont Statutes Online is an unofficial copy of the Vermont Statutes Annotated that is provided as a convenience.
NOTE: The online version of the Vermont Statutes does NOT yet include the actions of the 2023 legislative session. The 2023 updates should be available by the end of October.
Title 11 : Corporations, Partnerships and Associations
Chapter 025 : LIMITED LIABILITY COMPANIES
Subchapter 011 : LOW-PROFIT LIMITED LIABILITY COMPANIES
(Cite as: 11 V.S.A. § 4163)-
§ 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.)
