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 ?
according to an L3C that tracks the creation of these entities there are
There are nine states that have adopted the L3C as a business entity.
Its results-oriented culture aligns well with L3C's focus on excellence and execution," said Chaim Kiffel, principal of L3C Capital Partners.
In fact, Arnett had never heard of the L3C himself until earlier this year, when he stumbled upon the concept in a Wall Street Journal article about new legal structures for socially minded entrepreneurs.
181) One proposed use of the L3C vehicle would employ tranches of members, each with a different combination of financial and governance rights.
Gingras Global congratulates Rebel Nell L3C is a prime example the powerful impact a Social Enterprise business can have when committing to an policy of gold standards.
O'Shea is developing a five-year plan to wean CNC away from philanthropy and thinks L3C status could be part of that effort.
Traditional LLCs that further charitable or educational ends are not required to form an L3C.
The authors' ideas to keep "post-corporate" newspapers alive include what appear to be some perfectly fine new or time-tested ownership models--501 (c)(3) set-ups, newspapers run by workers or community cooperatives, and the newfangled L3C Low-profit Limited Liability Company, their favorite, described as a "for-profit entity with a non-profit soul.
be an L3C and exists as a regular limited liability company.
An L3C organized under the Vermont law is for charitable or educational purposes, and not for political or legislative purposes.