Utah Code 48-3a-1303. Ceasing to be a low-profit limited liability company
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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:
Terms Used In Utah Code 48-3a-1303
- Certificate of organization: means the certificate required by Section 48-3a-201. See Utah Code 48-3a-102
- Low-profit limited liability company: means a limited liability company meeting the requirements of Part 13, Low-Profit Limited Liability Companies. See Utah Code 48-3a-102
(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.