A Tough Hybrid to Swallow – the L3C

My intent was to write about L3Cs—low-profit limited liability companies.    Five states already allow them, several more have legislation pending, and many are encouraging the congress to create such legislation.  Ever heard of them?

So I went looking for a simple, yet clear, definition of just what an L3C is.  In the process, I got sidetracked by a table comparing an LLC, an L3C and a nonprofit.

According to the design and intent of an L3C, it is a cross between a for-profit and nonprofit organization:  it Read more