{"data":{"id":"us-co/c.r.s.-7-80-1206","jurisdiction":"us-co","citation":"C.R.S. § 7-80-1206","heading":"Formation of artist company - articles of organization - public benefit artist company requirements.","body":"(1) A person may form an artist company by filing articles of organization with the secretary of state pursuant to section 7-90-301 that meet the requirements set forth in sections 7-80-204 and 7-80-1203 and subsection (7) of this section if the artist company will be a public benefit artist company, which articles of organization must include, in addition to the information required by subsection 7-80-204:\n\n(a) A statement of the artistic mission of the artist company;\n\n(b) A statement regarding the priority of the artistic mission and financial objectives as provided in section 7-80-1203 (3); and\n\n(c) A statement as to whether the artist company elects to be a public benefit artist company subject to sections 7-80-1215 to 7-80-1217 and, if such election is made, one or more specific public benefits to be promoted by the artist company.\n\n(2) The incorporators may also make elections in the articles of organization of an artist company regarding the following:\n\n(a) The structure of equity ownership from the options provided in section 7-80-1207;\n\n(b) The structure of the governing body from the options provided in section 7-80-1208;\n\n(c) Whether fiduciary duties apply as provided in section 7-80-1211;\n\n(d) Which existing artistic work should be assigned or exclusively licensed to the artist company as provided in section 7-80-1212;\n\n(e) Whether artistic work created by members during their membership is assigned or exclusively licensed to the artist company as provided in section 7-80-1213 (1);\n\n(f) The tax treatment of the artist company;\n\n(g) Whether distributions are made based on ownership percentages or alternative mechanisms, with space to describe such alternative mechanisms;\n\n(h) Basic provisions regarding termination of a member's membership interest upon withdrawal from the artist company, admission of new members, and rights to artistic work upon member withdrawal and termination of membership interest; and\n\n(i) Whether certain decisions require artist supermajority or unanimous approval.\n\n(3) If the election is made under subsection (2)(e) of this section, the articles of organization must also include a narrative description of the artistic work to be created by the artist company to set forth the scope of artistic work subject to the assignment or exclusive license.\n\n(4) An election regarding whether selected terms in the articles of organization may be superseded by a subsequently adopted operating agreement:\n\n(a) Without amendment to the articles of organization; or\n\n(b) Only with concurrent amendment to the articles of organization.\n\n(5) Articles of organization filed pursuant to subsection (1) of this section may include other provisions consistent with law as the incorporators elect to include.\n\n(6) If an artist company elects to become a public benefit artist company pursuant to section 7-80-1215, the artist company shall state in the heading of its articles of organization that it is a \"public benefit artist company\". A certificate of membership interest or other security issued by a public benefit artist company must note conspicuously that the public benefit artist company is a public benefit artist company formed pursuant to this part 12.\n\n(7) An artist company's name may contain the words \"artist company\" or the abbreviations \"ALLC\", \"A Corp\", \"AC\", or \"A.C.\" in lieu of or in addition to any term or abbreviation otherwise permitted by section 7-90-601 (3)(c).","path":["Title 7 - CORPORATIONS AND ASSOCIATIONS","Article 80 - Limited Liability Companies","Part 12 - COLORADO ARTIST COMPANY ACT"],"source_url":"https://olls.info/crs/crs2026-title-07.htm","current_through":"Colorado Revised Statutes 2026","vintage":"","retrieved_at":"2026-09-14T18:37:45Z","sha256":"d1b8e0da867774ad4c78c837eb7f5ab55f3130771fbd1c9e2f54db0f203d5fd2","source_id":"us-co","stale":false,"prev":"us-co/c.r.s.-7-80-1205","next":"us-co/c.r.s.-7-80-1207"},"notice":"GroundRules: Original legal text. Not legal advice."}