The Illinois Low-profit Limited Liability Company (L3C)

A low-profit limited liability company, also known as an L3C, is a new kind of limited liability company (LLC) that combines the financial advantages of the traditional LLC form of business with the social benefits of a non-profit entity. In addition, as a variety of LLC, the L3C generally shields its owners from the debts of the enterprise. On January 1, 2010, Illinois became the fifth state to authorize the creation of L3Cs.

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