Utah § 48-3a-1303 Ceasing to be a low-profit limited liability company.

Utah Statutes

§ 48-3a-1303 — Ceasing to be a low-profit limited liability company.

Utah § 48-3a-1303

Title 48Unincorporated Business Entity Act

Ch. 48-3aUtah Revised Uniform Limited Liability Company Act

Part 48-3a-13Low-Profit Limited Liability Companies

This text of Utah § 48-3a-1303 (Ceasing to be a low-profit limited liability company.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 48-3a-1303 (2026).

Text

(1)If a limited liability company that is a low-profit limited liability company at its formation at any time ceases to meet a requirement to be a low-profit limited liability company under Section 48-3a-1302, the limited liability company:

(1)(a) ceases to be a low-profit limited liability company on the day on which the limited liability company no longer meets the requirement; and

(1)(b) if it continues to meet the requirements of this chapter to be a limited liability company, continues to exist as a limited liability company that is not a low-profit limited liability company.

(2)A low-profit limited liability company's failure to meet a requirement of Section 48-3a-1302 may be:

(2)(a) voluntary, in order to convert to a limited liability company that is not a low-profit limited li

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(1) If a limited liability company that is a low-profit limited liability company at its formation at any time ceases to meet a requirement to be a low-profit limited liability company under Section 48-3a-1302, the limited liability company:

(1)(a) ceases to be a low-profit limited liability company on the day on which the limited liability company no longer meets the requirement; and
(1)(b) if it continues to meet the requirements of this chapter to be a limited liability company, continues to exist as a limited liability company that is not a low-profit limited liability company.
(2) A low-profit limited liability company's failure to meet a requirement of Section 48-3a-1302 may be:

(2)(a) voluntary, in order to convert to a limited liability company that is not a low-profit limited liability company; or
(2)(b) involuntary.
(3) If a low-profit limited liability company ceases to be a low-profit limited liability company in accordance with this section, the limited liability company shall:

(3)(a) change its name to conform with Section 48-3a-108; and
(3)(b) amend its certificate of organization in accordance with Section 48-3a-202.