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 …
What is a “Low-Profit Limited Liability Company” (L3C)? Read More »
Securities case on hold as Judge asks SEC to provide a factual basis for their settlement agreement with Citigroup. On October 19, 2011, the Securities and Exchange Commission (“SEC” or the “Commission”) filed a lawsuit against Citigroup Global Markets Inc. (“Citigroup”) in the United States District Court, Southern District of New York. The Allegations In …
Unsettling – Judge Rakoff asks the SEC for an explanation in Citigroup matte Read More »
With the uncertainty surrounding new corporate entities such as the Benefit Corporation, Flexible Purpose Corporation, and Low Profit Limited Liability Company, it is important for these businesses to contractually control the dispute resolution process. Legislation acknowledging new forms of business entities called “Benefit Corporations” (enacted in six states California, Maryland, Virginia, Vermont, Hawaii and New …
Dispute Resolution Planning for Social or Hybrid Entities Read More »