The Community Economic Development Law Project is pleased to host this free seminar about the new L3C structure for socially beneficial businesses.
The new "low-profit limited liability company" (L3C) is a cross between a nonprofit, charitable organization and a for-profit limited liability company. Unlike a regular limited liability company, an L3C's primary purpose is to provide an important social benefit rather than to generate an economic profit. Unlike a nonprofit organization, however, an L3C is free to distribute profits, after taxes, to owners or investors of the company. The L3C is expected to revitalize certain Illinois businesses by attracting more investments from foundations and other philanthropic ventures.
Presenter: Marc J. Lane, from the Law Offices of Marc J. Lane, P.C., was a force behind Illinois' L3C legislation. Mr. Lane is an AV-rated attorney, author of over 30 books on corporate management, taxation and personal finance as well as socially responsible investing.