FAQs

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Limited liability companies (LLCs)
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Contributions from Limited Liability Companies (LLCs)

Q1. Can Limited Liability Companies (LLCs) contribute to candidates and candidate committees?

A1.  Candidates and candidate committees cannot accept contributions from LLCs if any of the members of the LLC are:

  • Corporations or labor organizations
  • Natural persons who are not U.S. citizens
  • Foreign governments
  • Professional or volunteer lobbyists, or a principal of a lobbyist prohibited from contributing [1]

LLCs that elect to be treated as corporations by the IRS cannot contribute.

LLCs with shares that are publicly traded cannot contribute.

 

Q2. Do we have to get a statement from the LLC when we accept a contribution?

A2.  The LLC must provide the candidate or committee with a written affirmation statement that the contribution is permitted by law. 

The affirmation must include:

  • Name and address of all LLC members.
  • Information on how to attribute the contribution amongst the LLC members. The attributed amount must reflect the capital the member has invested in the company at
    the time the contribution is made (percentage of ownership).
  • If the amount attributed to an LLC member is $100 or more, then occupation and employer information for that member must also be provided.

See an example of an affirmation (PDF).

 

Q3. What do we have to do for our records?

A3.  Keep the affirmation statement in your records for at least one year after the end of the election cycle.

Itemize all LLC contributions, regardless of the amount.  List both the individual member's name as well as the name of the LLC.

 

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[1] C.R.S. 1-45-105.5(1)