-
The L3C: Low-profit Limited Liability Company
The details:
North Dakota and Utah have since signed the L3C into law as well. Illinois, Arkansas, and Maine are likely to do the same. More resources here. Thanks Deborah!The low-profit, limited liability company, or L3C, is a hybrid of a nonprofit and for-profit organization. More specifically, it is a new type of limited liability company (LLC) designed to attract private investments and philanthropic capital in ventures designed to provide a social benefit. Unlike a standard LLC, the L3C has an explicit primary charitable mission and only a secondary profit concern. But unlike a charity, the L3C is free to distribute the profits, after taxes, to owners or investors.
Although Vermont currently remains the only State to authorize the L3C, it has national applicability because L3Cs formed in Vermont can be used in any State or Territory.
blog comments powered by DisqusPosted on November 10, 2009 via Hi, I'm Colin. with Comments and 5 notes
-
andyinabox liked this
-
softculture liked this
-
weeks101 liked this
-
fightwithknives reblogged this from colinkloecker and added:
I learned about the L3C at one of those “how do we save the news industry” conferences, and it seemed like the most...
-
colinashe reblogged this from colinkloecker
-
colinkloecker posted this
-
Yes, that's a silly title, and no, it doesn't mean too much, besides a hint that this blog of mine doesn't have a strict theme. Things that I obsess over include but are not limited to: synthetic/systems biology, urban planning and economics, politics, web technology and publishing, craft beer, and bicycles. My curiosity is probably both my biggest asset and my biggest liability. So! You can also find me on twitter as @candometa, on facebook, and last.fm.
