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The L3C (Low-profit Limited Liability Company) is a for-profit business entity that, as required under its organizing documents and state law, must have a primary goal of performing a socially beneficial purpose instead of simply maximizing profit.  In addition, an L3C must avoid engaging in certain lobbying and political activities. Otherwise, an L3C is organized and treated like an LLC under the law of its state of incorporation. The L3C’s creator, Robert Lang from the Mannweiler Foundation, came up with the idea for the legal structure while trying to think of ways to streamline and encourage private foundation investment......

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