A Jargon-Free Guide to Low-Profit Limited Liability Companies (L3C)
JUNE 1, 2017
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. Other examples have included farmers’ markets, newspapers, law groups and art centers. As of December 2015 , L3Cs are only recognized in 10 states, three tribes and the territory of Puerto Rico, so if you are building your organization in one of the following places, yes you can!