A Jargon-Free Guide to Low-Profit Limited Liability Companies (L3C)
JUNE 1, 2017
An L3C is a variation of a limited liability company (LLC), which is a private organization where the owners actively participate in management and don’t face personal liability for the organization’s debts and obligations. An L3C, though, is a hybrid of an LLC and nonprofit business model, which is where an organization operates to benefit the general public without shareholders and without a profit motive. So you want to start an organization that benefits a specific cause.