A new business model: low profit limited liability companies (L3C)
A new business model: low profit limited liability companies (L3C)
The Citizen Media Law Project at Harvard’s Berkman Center has a new section in its legal guide on Low-Profit Limited Liability Companies (L3C), a novel hybrid business form combining a social mission with a for-profit entity. The business form is now covered in the CMLP legal guide, including an explanation of its tiered capital structure, state by state sections on how to form an L3C, and an overview of its advantages and disadvantages.