low-profit limited liability company
(L3C)
A company organized to perform services or engage in activities that benefit the public. Unlike a nonprofit, an L3C is operated like a regular profit-making business and is allowed to make a profit as a secondary goal. A small but growing number of states — including Illinois, Michigan, Utah, Vermont, and Wyoming — have passed legislation allowing L3Cs.
Category: Business, LLCs & Corporations → LLCs, Corporations, Partnerships, etc. → Introduction to Business Structures

Nolo’s Plain-English Law Dictionary. . 2009.

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