(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: (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 (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.
(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
(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: (a) voluntary, in order to convert to a limited liability company that is not a low-profit limited liability company; or (b) involuntary.
(a) voluntary, in order to convert to a limited liability company that is not a low-profit limited liability company; or
(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: (a) change its name to conform with Section 48-3a-108; and (b) amend its certificate of organization in accordance with Section 48-3a-202.
(a) change its name to conform with Section 48-3a-108; and
(b) amend its certificate of organization in accordance with Section 48-3a-202.
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