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