C.R.S. § 7-80-1203: Artist company - requirements.

(1) An artist company is a limited liability company that:

(a) Is organized under this part 12;

(b) Has a stated artistic mission set forth in its articles of organization or operating agreement; and

(c) Is formed and owned by one or more artists who, at the time of the artist company's formation or election to become an artist company, own not less than fifty-one percent of all voting securities of the artist company. Artists must at all times maintain an ownership percentage of not less than fifty-one percent of all voting securities of the artist company.

(2) An artist company may be organized for any lawful purpose permitted for limited liability companies under this article 80 if the purpose includes or materially furthers the artistic mission.

(3) An artist company may specify in its articles of organization or operating agreement:

(a) That the artistic mission has primacy over financial objectives;

(b) That the artistic mission and financial objectives are of equal priority; or

(c) Any other priority or balancing between the artistic mission and financial objectives.