Distinct states have recently enacted legislation establishing a fresh entity type known as a low profit limited liability corporation, or “L3C.” An L3C is a cross between a limited liability corporation and a nonprofit organization that is organized to further a charitable or educational objective, however with a secondary profit motive. The L3C legislation was designed to encourage increased funding for charitable or educational projects by facilitating compliance by private foundations with Federal IRS rules for Program Related Investments (PRI’s).
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October 17, 2011
What Is a Low Profit Limited Liability Company?
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