(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. (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. (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. Renumbered and Amended by Chapter 92, 2026 General Session Renumbered 10/1/2026
‹ Prev All Utah sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.