Like the standard LLC , the L3C has a flexible ownership structure. Membership interests in an L3C are governed by rules set out in the L3C's articles of organization and operating agreement . An L3C can create a tiered capital structure, allocating risk and returns...
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The Low-Profit Limited Liability Company (L3C) is a hybrid business form, combining a socially beneficial mission with a for-profit business entity. First established in Vermont in 2008, L3Cs can now also be formed in Illinois, Michigan, Utah, Wyoming, and North Carolina...
DMLP Staff - 09/29/2010 - 1:50pm - 0 comments -
Nonprofit organizations are either public charities or private foundations. Typically, public charities receive broad public support in the form of donations, grants, or funds from the government. Unlike public charities, private foundations are funded by a limited number...
DMLP Staff - 09/29/2010 - 1:51pm - 0 comments -
An L3C can be formed as a new entity or by converting an existing one. The procedure to establish a new L3C is very similar to the one for forming an LLCs. Like a standard LLC, an L3C is established by filing articles of organization with the state and executing a formal...
DMLP Staff - 09/29/2010 - 1:52pm - 0 comments - 0 attachment(s)
In determining whether the L3C is the right business form for your venture, you may want to consider the following factors: Advantages L3Cs are designed to take advantage of Program Related Investments (PRIs) by private foundations and could allow a venture to tap into new...
DMLP Staff - 09/29/2010 - 1:52pm - 0 comments -
The Low-Profit Limited Liability Company (L3C) is a hybrid business form, combining a socially beneficial mission with a for-profit business entity. Please note that only a few states recognize this business form. For general information on L3Cs, please see this page .
DMLP Staff - 09/29/2010 - 1:53pm - 0 comments -
Effective as of April 30, 2008, the Vermont Limited Liability Companies Act authorizes the formation of L3Cs. Here is an outline of the steps you need to follow in order to form an L3C in Vermont. The process is very similar to the one for forming an LLC. You should also...
DMLP Staff - 09/29/2010 - 1:59pm - 0 comments -
Effective as of January 1, 2010, the Illinois Limited Liability Company Act, 805 ILL. COMP. STAT. ANN. 180/1-1 to 60-1 (West 2010), authorizes the formation of L3Cs. Here is an outline of the steps you need to follow in order to form an L3C in Illinois. The process is very...
DMLP Staff - 09/29/2010 - 1:57pm - 0 comments -
Effective as of January 16, 2009, the Michigan Limited Liability Companies Act authorizes the formation of L3Cs. Here is an outline of the steps you need to follow in order to form an L3C in Michigan. The process is very similar to the one for forming an LLC in Michigan ...
DMLP Staff - 09/29/2010 - 1:58pm - 0 comments -
Effective as of March 23, 2009, the Utah Low Profit Limited Liability Companies Act authorizes the formation of L3Cs. Here is an outline of the steps you need to follow in order to form an L3C in Utah. The process is very similar to the one for forming an LLC . You should...
DMLP Staff - 09/29/2010 - 1:58pm - 0 comments -
