The L3C entity has been recognized in North Carolina for almost two years in an effort to stimulate social enterprise, but its use has been hamstrung because some federal tax implications have been highly speculative. Until recently.
The L3C or low-profit limited liability company was designed to bridge the gap between for-profit entities with a mission of maximizing the profits of the owners, and non-profit corporations, which have significant tax filings and restrictions that can mire a social enterprise business. The L3C allows owners of a private company to have both a business purpose and a social or environmental purpose.
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