L3Cs - New Kid on the Company Block

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On August 3, 2010, North Carolina became the most recent state to recognize the L3C, a "low-profit limited liability company." An L3C is a legal form of business entity created to bridge the gap between non-profit and for-profit investing by combining the financial advantages of the limited liability company (LLC) with the social advantages of a non-profit entity. An L3C runs like a regular business and generates profits. However, the primary focus of the L3C is not to make money, but to achieve socially beneficial objectives.

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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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