Low-Profit Limited Liability Company (L3C)

Definition of "Low-Profit Limited Liability Company (L3C)"
  1. A business structure approved by select states like Illinois, Michigan, Utah, Vermont, and Wyoming, and designed primarily to carry out services or activities for the public good, but also allows profit-making as a secondary aim
How to use "Low-Profit Limited Liability Company (L3C)" in a sentence
  1. The bookstore operates as an L3C, benefiting the community with literary events and also making a profit.
  2. In the state of Vermont, the baker's social enterprise could be setup as an L3C.
  3. They initiated the green recycling project as an L3C, serving environmental causes while generating revenue.

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