MLK Day Musing: Does Your Business Give Back?

Sands Anderson PC
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Martin Luther King Day has become a day of service for many communities and individuals. It made me think: what are businesses doing to give back? One strong Triangle trend is social entrepreneurship and its related focus on the triple bottom line.

I am inspired by entrepreneurs who base their business model on improving the wider community/environment.

In August 2010, our legislature became one of the first to enact the low-profit limited liability company (L3C), which is a hybrid business form combining profit-making with socially responsible missions. It can be the perfect venture for educational, scientific, literary or religious businesses that don’t want the hassle of complying with non-profit reporting requirements, or that have some activities that are not permitted by the federal tax code.

The L3C can be structured to take advantage of both non-profit and for-profit sources of capital. It may offer marketing advantages by attracting socially aware investors and partners. It may also attract private foundation program-related investments...

Please see full publication below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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