Purposes P.A. 566 - Section 102(2)(m)i, ii and iii - Provides for low-profit limited liability company. Adds definition for low-profit limited liability company as a limited liability company that has included in its articles a purpose and at all times conducts its activities to meet specific criteria included in the definition.

Name Requirements - P.A. 567 - Section 204(2) - Provides the name of a low-profit limited liability company shall contain the words "low-profit limited liability company", or the abbreviation "L.3.C" or "l.3.c", with or without periods or other punctuation.

Dissolution - Section 803(1)- Provides the Attorney General may bring action in circuit court for dissolution of a low-profit limited liability company that ceases to meet any of the requirements in the definition of a low-profit LLC or for 60 days after it ceased to meet those requirements has failed to amend its articles to change its name to conform with the LLC name requirements in section 204 of the act.