Re: [newtech-1] L3C?

From: Paul V.
Sent on: Saturday, January 5, 2013 9:19 PM
Hi,
 Need to step in here. Though L3C stands for Low Profit Limited Liability Company, that was just a marketing choice by the creator. It is a misconception that there is a limit to allowable profits in an L3C. The distinction between L3C and any other LLC is that the L3C must have a charitable purpose as its Primary mission. There are two purposes for that distinction. 1- To allow the owners of an L3C to pursue their stated mission with some protection from investor/partner lawsuits for not maximizing profits in all cases and, 2- to more easily access Program Related Investments (PRI ) from foundations.  
There are other methods to achieve the first aim - Benefit Corps for instance, and to date, there are virtually no examples of PRI's being made to L3C's. Most foundations do not make them at all and the few that do can make them to any form of business not just L3C's.

That said, L3C's are growing in number and it is just a matter of time until PRI money begins to flow to them. 

L3C's do have advantages in some circumstances and I am about to form one for a specific purpose. 

I can put anyone who needs specific advice on this subject in touch with both the creator of the L3C and several attorney's with intimate knowledge of them. Contact me off list if you wish.

Paul
On Jan 5, 2013, at 1:59 PM, Maria Campbell wrote:

I'm not so sure that that's the case. I did research on it a little while ago, and I think that you can't. For that reason. the fact that there is a fairly low ceiling to the profits you can make are a couple of the reasons why people don't opt in for an L3C. You might as well just be a not for profit. At least that's my opinion. When I have a moment I'll dig into my files and find the reference to this and I'll send it to you Ryan.

All the best for the New Year,

Maria

On Fri, Jan 4, 2013 at 10:05 PM, Ryan Finnesey <[address removed]> wrote:
I have very limited knowledge regarding the L3C at this point but I think they can be used in all states you just need to qualify the L3C to do business in the state(s) you are going to do business.

Cheers
Ryan


-----Original Message-----
From: [address removed] [mailto:[address removed]] On Behalf Of Maria Campbell
Sent: Friday, January 4,[masked]:37 PM
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Subject: Re: [newtech-1] L3C?

It's recognized only in a handful of states and also difficult to get.

Maria Campbell
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On Jan 4, 2013, at 12:22, Ryan Finnesey <[address removed]> wrote:

> Has anyone explored the use of the L3C?
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