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RE: [newtech-1] L3C?

From: Ryan F.
Sent on: Friday, January 4, 2013 10:19 PM

Hi Yangbo 

 

My thought process was to open a series of co-working centers in connection with a Non Profit I am in the process of setting up that will focus on Entrepreneurship, think a nonprofit general assembly.  I think a L3C would give me the most flexibility.  Would form a separate L3C for each co-working center and the L3C would be able to bring in investments from the Nonprofit, State and local government, foundations and private investors. 

 

Cheers

Ryan

 

 

From: [address removed] [mailto:[address removed]] On Behalf Of Yangbo Du
Sent: Friday, January 4,[masked]:47 PM
To: [address removed]
Subject: Re: [newtech-1] L3C?

 

Ryan

 

The short answer is to consider an L3C as an LLC plus responsibility to all stakeholders, not just financial shareholders, and limited access to grants (In case you are seeking grants, be aware that many donors are restricted to funding 501c3 non-profits.). Unless you are founding a social impact venture, L3C status (and B-Corp status) might not be worth the additional paperwork.  I have contacts who can provide detailed explanations if needed; feel free to e-mail me off list to discuss further.

 

In addition, note that L3C and B-Corp are certifications by third-party non-profits, distinct from the legal status of 'benefit corporation' as defined according to state regulation.

 

Hope you had a strong start to the new year!

 

Cheers

Yangbo Du

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[address removed]

StartingBloc NY'12 Social Innovation Fellow - Plan Buffalo-Niagara

Co-founder/Community director, MediaWire (L T)

Director of finance, Synthescape (T)

Community manager, couplewise (F T)

Digital strategist, iFunding (F T)

 

Post-Hurricane Sandy recovery info:  If you are in New York City and need technical help, submit your request via bit.ly/hurricanetechhelp.  If you can offer help, fill out a short form at bit.ly/hurricanetechvolunteers.  Follow #NYTechResponds#SandyCoworking#SandyVolunteer, and #SandyAid on Twitter for updates on relief and recovery operations.  For more needs and opportunities to volunteer, check out recovers.org and sparkrelief.org.

 

Le 4 janvier[masked]:22, Ryan Finnesey <[address removed]> a écrit :

Has anyone explored the use of the L3C?

Sent from my iPad




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