What is a “Low-Profit Limited Liability Company” (L3C)?
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 …
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