Fabio
107 lines
7.6 KiB
Markdown
107 lines
7.6 KiB
Markdown
---
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type: "Bill"
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title: "LIMITED LIAB CO-LOW-PROFIT"
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description: "Amends the Limited Liability Company Act. Allows for the creation of a low-profit limited liability company or L3C. Defines \"L3C\" or \"low-profit limited liability company\" to mean a limited liability company that does not have as a significant purpose the production of income or the appreciation of property and is organized for a business purpose that satisfies and is at all times operated to satisfy each of the following requirements: (1) it significantly furthers the accomplishment of one or more educational purposes within the meaning of the Internal Revenue Code of 1986 and 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; and (3) the purpose of the company is not to accomplish one or more political or legislative purposes. Also provides that if a company which met the requirements of a low-profit limited liability company at its formation should at any time cease to satisfy any one of those requirements, it shall then immediately cease to be a low-profit limited liability company. Makes other changes."
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jurisdiction: "us/states/il"
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legislature: "Illinois General Assembly"
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session: "96th"
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identifier: "SB 239"
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citation: "Illinois SB 239 (96th)"
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classification: ["bill"]
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subjects: []
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status: "enacted"
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primary_sponsors: []
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version_count: 3
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action_count: 47
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vote_count: 2
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first_action: "2009-02-04"
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last_action: "2009-08-04"
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source: "openstates"
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source_identifier: "ocd-bill/22161608-1831-4b05-979d-a3100cdaa136"
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source_url: "http://ilga.gov/legislation/BillStatus.asp?DocNum=239&GAID=10&DocTypeID=SB&LegId=40822&SessionID=76&GA=96"
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source_hash: "119ea4fc0e3b971b9938d7eec597cb90b085468a10ce866c1ab86b22f7021888"
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vintage: "2026-07-01"
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source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
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retrieved_at: "2026-07-06"
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confidence: "reported"
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tags: ["legislation", "bill", "us-il"]
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---
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# Illinois SB 239 (96th) — LIMITED LIAB CO-LOW-PROFIT
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Amends the Limited Liability Company Act. Allows for the creation of a low-profit limited liability company or L3C. Defines "L3C" or "low-profit limited liability company" to mean a limited liability company that does not have as a significant purpose the production of income or the appreciation of property and is organized for a business purpose that satisfies and is at all times operated to satisfy each of the following requirements: (1) it significantly furthers the accomplishment of one or more educational purposes within the meaning of the Internal Revenue Code of 1986 and 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; and (3) the purpose of the company is not to accomplish one or more political or legislative purposes. Also provides that if a company which met the requirements of a low-profit limited liability company at its formation should at any time cease to satisfy any one of those requirements, it shall then immediately cease to be a low-profit limited liability company. Makes other changes.
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## Version chain
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The bill's text revisions, in order — the diff chain from filing to enrollment.
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1. **Introduced** (filed) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09600SB0239&GA=96&SessionId=76&DocTypeId=SB&LegID=40822&DocNum=239&GAID=10&Session=&print=true)
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2. **Engrossed** (committee substitute) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09600SB0239eng&GA=96&SessionId=76&DocTypeId=SB&LegID=40822&DocNum=239&GAID=10&Session=&print=true)
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3. **Enrolled** (enrolled) — [source](http://ilga.gov/legislation/fulltext.asp?DocName=09600SB0239enr&GA=96&SessionId=76&DocTypeId=SB&LegID=40822&DocNum=239&GAID=10&Session=&print=true)
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## Votes
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- Third Reading — **116–0** (pass) · lower
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- Third Reading — **59–0** (pass) · upper
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## Sponsors
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- Heather Steans — primary (person)
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## Timeline
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The legislative action history — every referral, reading, and vote.
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- **2009-02-04** Filed with Secretary by Sen. Heather Steans `filing`
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- **2009-02-04** First Reading `reading-1`
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- **2009-02-04** Referred to Assignments `referral-committee`
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- **2009-02-04** Added as Chief Co-Sponsor Sen. David Koehler
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- **2009-02-10** Assigned to Judiciary `referral-committee`
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- **2009-02-10** Added as Chief Co-Sponsor Sen. Michael Bond
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- **2009-02-19** Postponed - Judiciary
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- **2009-02-20** Added as Chief Co-Sponsor Sen. Dan Kotowski
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- **2009-02-25** Held in Judiciary
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- **2009-03-05** Postponed - Judiciary
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- **2009-03-11** Do Pass Judiciary; 011-000-000 `committee-passage`
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- **2009-03-11** Placed on Calendar Order of 2nd Reading March 12, 2009
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- **2009-03-12** Senate Floor Amendment No. 1 Filed with Secretary by Sen. Heather Steans `amendment-introduction`
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- **2009-03-12** Senate Floor Amendment No. 1 Referred to Assignments `referral-committee`
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- **2009-03-18** Senate Floor Amendment No. 1 Assignments Refers to Judiciary
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- **2009-03-19** Senate Floor Amendment No. 1 Recommend Do Adopt Judiciary; 009-000-000
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- **2009-03-25** Senate Floor Amendment No. 2 Filed with Secretary by Sen. Heather Steans `amendment-introduction`
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- **2009-03-25** Senate Floor Amendment No. 2 Referred to Assignments `referral-committee`
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- **2009-03-25** Senate Floor Amendment No. 3 Filed with Secretary by Sen. Heather Steans `amendment-introduction`
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- **2009-03-25** Senate Floor Amendment No. 3 Referred to Assignments `referral-committee`
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- **2009-03-30** Second Reading `reading-2`
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- **2009-03-30** Senate Floor Amendment No. 1 Adopted; Steans `amendment-passage`
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- **2009-03-30** Placed on Calendar Order of 3rd Reading March 31, 2009
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- **2009-03-30** Senate Floor Amendment No. 3 Assignments Refers to Judiciary
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- **2009-03-31** Senate Floor Amendment No. 3 Recommend Do Adopt Judiciary; 007-000-000
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- **2009-04-02** Added as Chief Co-Sponsor Sen. Jacqueline Y. Collins
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- **2009-04-02** Recalled to Second Reading `reading-2`
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- **2009-04-02** Senate Floor Amendment No. 3 Adopted; Steans `amendment-passage`
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- **2009-04-02** Placed on Calendar Order of 3rd Reading
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- **2009-04-02** Third Reading - Passed; 059-000-000 `reading-3, passage`
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- **2009-04-02** Senate Floor Amendment No. 2 Tabled Pursuant to Rule 5-4(a) `amendment-failure`
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- **2009-04-02** Arrived in House `introduction`
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- **2009-04-02** Placed on Calendar Order of First Reading `reading-1`
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- **2009-04-02** Chief House Sponsor Rep. Greg Harris
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- **2009-04-02** First Reading `reading-1`
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- **2009-04-02** Referred to Rules Committee `referral-committee`
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- **2009-04-14** Assigned to Judiciary I - Civil Law Committee `referral-committee`
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- **2009-04-29** Do Pass / Short Debate Judiciary I - Civil Law Committee; 011-000-000 `committee-passage`
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- **2009-04-29** Placed on Calendar 2nd Reading - Short Debate
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- **2009-05-06** Second Reading - Short Debate `reading-2`
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- **2009-05-06** Placed on Calendar Order of 3rd Reading - Short Debate
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- **2009-05-07** Third Reading - Short Debate - Passed 116-000-000 `reading-3, passage`
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- **2009-05-07** Passed Both Houses
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- **2009-06-05** Sent to the Governor `executive-receipt`
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- **2009-08-04** Governor Approved `executive-signature`
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- **2009-08-04** Effective Date January 1, 2010
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- **2009-08-04** Public Act . . . . . . . . . 96-0126 `became-law`
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## Source
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OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/22161608-1831-4b05-979d-a3100cdaa136`. Confidence: reported (aggregated from official Illinois legislature records).
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