Ceasing to be a low-profit limited liability company.

16-20-1103. Ceasing to be a low-profit limited liability company.

(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, the limited liability company: 16-20-1102 ceases to be a low-profit limited liability company on the day on which the limited liability company no longer meets the requirement; and 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 Sectionmay be: 16-20-1102 voluntary, in order to convert to a limited liability company that is not a low-profit limited liability company; or 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: change the limited liability company's name to conform with Section; and 16-1a-302 amend the limited liability company's certificate of organization in accordance with Section. 16-20-202