Low Profit Limited Liability Company

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Low Profit Limited Liability Company

A limited liability company in some U.S. states that has statutory duties other than making a profit for owners. It may be formed for many purposes, such as to provide steady jobs to employees or to protect the environment. It is treated as a limited liability company for legal and tax purposes. It is not prohibited from making a profit, but it is subject to fewer regulatory requirements than a non-profit in the United States.
References in periodicals archive ?
An L3C is a limited liability company formed to attract investment from both the private and nonprofit sectors.
Taylor, supra note 2, at 761 (depicting L3Cs as middle ground between for-profit and nonprofit companies); Munch, supra note 19, at 175 (noting investor preference for corporate over L3C form); Felicia R.
according to an L3C that tracks the creation of these entities there are
It is on the back of its L3C mantra that Aerospace One has begun operations.
The Camden portfolio is one of the largest multifamily sales in Missouri in 2012, according to Jonathan Leifer, a principal of L3C Partners, a private New York based real estate investment firm specializing in multifamily residential properties.
He's quick to explain the L3C, happy to be an ambassador for a relatively new corporate entity that he thinks could be a real game-changer for social entrepreneurs and foundations alike.
Before the IRS released Revenue Ruling 88-76 and its check-the-box regulations in 1997, an LLC--just like an L3C today--was viewed as an unfamiliar and confusing business structure.
Although there has been some coordination of L3C legislation with federal rules in the U.
29, 37 n-29 (2011) ; see also John Tyler, Negating the Problem of Having "Two Masters": A Framework for L3C Fiduciary Duties and Accountability, 35 VT.
Box 23041, RPO Seaway Mall, 800 Niagara Street, Welland, Ontario L3C 7E7 or using Canada Helps at http://www.
Individuals or entities may be members of an L3C with rights in governance and to distributions.